Fast Market Research recommends "Turkmenistan Oil & Gas Report Q3 2013" from Business Monitor International, now available

Boston, MA -- (SBWire) -- 05/28/2013 --Upstream interest in Turkmenistan's growing gas reserves remains strong, with foreign players, particularly China, eager to gain access to the country's lucrative gas fields. The energy relationship between Turkmenistan and China continues to strengthen, with continued upgrades to existing long-term supply agreements and investment commitments. Turkmenistan has made ambitious gas production targets, raising its own forecasts of gas production in 2030 to 250bcm from 230bcm previously. Although 2030 is outside our forecast period, the ambitious figures highlight the country's optimism, which is reflected in our forecasts for gas production, which we expect will more than double from 67bcm in 2012 to 152bcm in 2022.

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The main trends and developments in Turkmenistan's oil & gas sector are:

- Turkmenistan and China continued to build on their strong energy relationship with a new commitment in July 2012 for Ashgabat to supply Beijing with 65bn cubic meters per year (bcm/y) of gas by 2030. The most recent analysis conducted by CNPC found that since the Central Asia-China gas pipeline was inaugurated in 2009, some 30bcm of gas has been supplied to China from Turkmenistan.
- Upstream interest remains strong on the back of the most recent discovery, the Galkynysh gas field (previously known as South Yolotan), which has been confirmed as the world's second largest following an appraisal by auditor Gaffney, Cline & Associates (GCA). The field is thought to contain 13.1-21.2trn cubic metres (tcm) of natural gas. The former Soviet Republic holds the world's fourth-largest natural gas reserves and plans to treble annual gas output to 230bcm by 2030, 180bcm of which would be for export.
- In November 2012, Turkmen officials announced plans to begin production at Galkynysh in 2013, with the field developed under a service contract by CNPC, Gulf Oil & Gas, Petrofrac and a Korean partnership comprised of LG International and Hyundai. Figures on initial volumes and exact delivery dates were not available at the time of writing.
- However, despite strong interest from foreign players, Turkmenistan's business environment remains challenging with limited opportunities for foreign players. China's CNPC remains the only foreign player with an onshore production sharing contract (PSC), with the participation of foreign firms limited to onshore service contracts or PSCs for fields in the Caspian Sea.

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