Gas-rich Turkmenistan plans to improve its national laws on foreign investment and hydrocarbon resources, the Neutral Turkmenistan newspaper reported.
The work will be done by the recently elected members of parliament of the seventh conference on instructions from President Serdar Berdimuhamedov.
"Equipping the industrial sector with high-tech equipment and attracting foreign capital is essential to the successful modernization of the national economy", the head of state said the other day.
These two laws were approved in 2008. Ashgabat sees signing Production Sharing Agreements (PSAs) as its preferred option when working with foreign companies.
A source in Turkmenistan's oil and gas sector told Daryo that the most promising foreign investment area is the Caspian Sea's national shelf. This sector is divided into 32 license blocks, whose reserves are estimated (not including contracted ones) at 12.1bn tonnes of oil, condensate, and 6.1tn cubic meters of gas.
Local experts note that more than 80 percent of the resources in the Turkmen part of the Caspian Sea are located at depths of more than 3,000 meters and in poorly explored oil and gas accumulation areas, and they are capital-intensive.
Daryo previously wrote that a roadshow would be held in Dubai (UAE) in April 2023 to attract foreign investment in Turkmenistan's oil and gas sector. In addition, Ashgabat is discussing the possibility of organizing an Investment Forum of Turkmenistan in London.
Credits: Eziz Boyarov, Ashgabat
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