Turkmenistan sets up NAPECO to coordinate upstream development

Turkmenistan President Gurbanguly Berdimuhamedov

Turkmenistan President Gurbanguly Berdimuhamedov

Turkmenistan’s President last week Gurbanguly Berdimuhamedov gave the go-ahead for the launch of the Turkmen National Oil and Gas Company (NAPECO) as it seeks to coordinate the development of the country’s oil and gas sectors. The new body will absorb several existing state-run enterprises, including the State Agency for Management and Use of Hydrocarbon Resources, Turkmengaz, Turkmennebit, Turkmengeologiya, Turkmenbashi’s complex of oil refineries and the Garagum bank.
In 2014, Turkmenistan produced over 76 bcm of gas, around 60% of which was exported, principally to Russia, China and Iran. That figure is forecast to rise to 230 bcm by 2030, and the authorities in Ashgabat are now looking to capture a share of the European market. It recently completed construction of the North-South pipeline that will be used to transport hydrocarbons from its massive Galkynysh and Yashlar fields in the south to the Caspian Sea, and discussions continue over the possibility of laying a pipeline along the bed of the Caspian to Azerbaijan which would give Turkmenistan access to the TANAP pipeline across Turkey.

Source: AKIpress