Turkmenistan has discovered a potentially large natural gas field close to its Caspian coast, the Central Asian nation’s state news agency reported on May 6.
Gas exports are the main source of hard currency for the former Soviet republic which is in talks with the European Union about building a pipeline across the Caspian to link its fields to European markets.
The new discovery was made onshore in the Uzunada area, state news agency TDH said. The test well produced 500,000 cubic meters of gas and 150 tonnes of condensate per day, it said.
With reserves that include the world’s second-largest gas field, Galkynysh, Turkmenistan has faced foreign currency shortages after Russia, one of the biggest customers, stopped buying Turkmen gas in 2016, leaving China as the main buyer.
The Ashgabat government is trying to diversify exports by discussing the Trans-Caspian link to Europe as well as investing in a pipeline through Afghanistan to Pakistan and India.
Recommended Reading
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
M4E Lithium Closes Funding for Brazilian Lithium Exploration
2024-03-15 - M4E’s financing package includes an equity investment, a royalty purchase and an option for a strategic offtake agreement.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.
California Resources Corp. Nominates Christian Kendall to Board of Directors
2024-03-21 - California Resources Corp. has nominated Christian Kendall, former president and CEO of Denbury, to serve on its board.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.