OREANDA-NEWS. On 21 July 2009 was announced, that the State Agency for Management and Use of Hydrocarbon Resources under the President of Turkmenistan and German company RWE Dea AG signed a production sharing agreement at an official ceremony in the seaside town of Turkmenbashi. Turkmen President Gurbanguly Berdimuhamedov attended the signing ceremony.

According to the press service of the head of state, before the signing ceremony Gurbanguly Berdimuhamedov met with heads of German companies - President of RWE AG Jrgen Grossman; Director of EWC East West Connect GmbH & Co.KG Rudi Lampreht; Chairman of the Board of Directors, Director for Supply and Sales of RWE AG Stefan Yudishem; and Chairman of the Board of Directors of RWE Dea GmdH George Shonning.

Under the document, the German company obtained a license for exploration work on the contract territory of marine block number 23 in the Turkmen sector of the Caspian Sea for the period of 6 years. If hydrocarbon reserves are found in the block, the operator will be given a license for commercial production for 25 years. According to estimates of geologists, this perspective block contains significant amounts of hydrocarbon resources, primarily natural gas. The specific amount of gas will be determined after implementation of the programme of exploration work, which includes a seismic survey and drilling.

The document was signed by the Director of the State Agency for Management and Use of Hydrocarbon Resources under the President of Turkmenistan Yagshigeldi Kakayev from the Turkmen side and Chairman of the Board of Directors of RWE Dea GmdH George Shonning from the German side.