Turkmenistan See Big Increase in Oil and Gas Reserves

Turkmenistan’s oil and gas reserves have witnessed a growth of more than 55 percent in last six years, Baymurad Hojamuhamedov, country’s deputy prime minister said Wednesday.

Turkmenistan's total hydrocarbon reserves as of Oct. 1, 2011, stood at 71.21 billion tons, including 53.01 billion tons of onshore resources and 18.20 million tons offshore. Estimates in 2006 said that the reserves stood at 45.44 billion tons, with 27.24 billion of them as ground reserves and 18.2 billion under the sea.

Estimated total proved reserves of natural gas was at 25.213 trillion cubic metres (tcm) as of Oct. 1, 2011.

The country expects to increase crude oil output to 67 million tons by 2030 and natural gas output to 230 bcm, of which 180 bcm would be exported, he said.

Estimates put the country’s current crude oil output at around 10 million tons while natural gas production is seen at 75 and 80 bcm per year.