World's Energy

ASHGABAT, Turkmenistan, July 6, 2009 - (UPI) - Turkmenistan announced developments in draft measures for exploration licenses to explore the hydrocarbon potential in the Caspian Sea. The government in Turkmenistan issued a report highlighting the challenges envisioned for the development of new oil and gas fields on the Turkmen continental shelf in the Caspian Sea. Lawmakers issued reports on developing a draft for exploration licenses. Turkmen reserves in the Caspian are estimated at 80 billion barrels of oil and some 194 trillion cubic feet of natural gas. Turkmen government officials say the continental shelf holds about half of all national oil reserves and roughly 25 percent of the total gas potential, the Trend news agency reports. The government report says about 80 percent of the offshore reserves are located in deepwater fields that are largely underexplored, suggesting greater potential is possible. The government has offered 32 units for international bidders, including BP, Total, Chevron and Russian oil giant LUKoil. Those bids are in line with new Turkmen laws considering national hydrocarbon resources.