Page 9 - MEOG Week 18 2021

MEOG POLICY MEOG

Turkmenistan, Iran discuss

Caspian Sea oil co-operation

IRAN TURKMEN Ambassador to Iran, Ahmed conservatively estimated to have around 48bn
Gurbanov, met with Ali Osouli, director of barrels of oil and 292 trillion cubic feet (8.3 tril-
Iran’s Khazar Exploration and Production Co. lion cubic metres) of natural gas in proved and
(KEPCO), over possible Caspian Sea gas explo- probable reserves, on the basis of field-level data.
ration, Mehr news agency reported on May 2. Around 41% of total Caspian crude oil and
KEPCO, founded in 1998, is a division of the lease condensate (19.6bn barrels) and 36% of
National Iranian Oil Co. (NIOC). It is engaged natural gas (3 tcm) exists in the offshore fields,
in exploration, development and production as according to this data. An additional 35% of the
regards Iranian Caspian Sea territory, but US oil (16.6bn barrels) and 45% of gas (3.6 tcm) is
sanctions on Tehran have slowed its activities in estimated to lie onshore within 100 miles (161
recent years. km) of the coast, particularly in Russia’s North
Osouli reportedly discussed with Gurbanov Caucasus region.
how Turkmenistan could utilise Iranian ship- The remaining 12bn barrels of oil and 1.6
yards on the Caspian Sea. He also spoke about tcm of natural gas are believed to be variously
Iran’s experience in building multi-tasking ves- located further onshore in the large Caspian Sea
sels, as well as deep-water drilling platforms, basins, mostly in Azerbaijan, Kazakhstan, and
noting that KEPCO can provide services in these Turkmenistan.
areas. Iranian efforts in the Caspian have been
“There is great potential for expanding Turk- limited to the Sardar-e Jangal field, which was
men-Iranian energy cooperation in the Caspian discovered in 2002 at a time when Iran’s total
Sea, which could contribute to the two countries’ share of the Caspian gas take was assumed to be
economic development,” Gurbanov said. around 11 tcm (312 bcm).
On April 30, Turkmen Deputy Prime Minis- In 2012, a routine exploration at Sardar-e
ter Serdar Berdimuhamedov visited Kazan, the Jangal led to the discovery of an oil layer – at
capital of Russia’s republic of Tatarstan. Local 728 metres – that is now estimated to hold 2bn
reports said he inquired about cooperation with barrels of quality crude, of which at least 500mn
Tatarstan company Tatneft in the exploration barrels is thought to be recoverable.
and development of offshore fields within the Following the 2015 nuclear deal, Iran had
Turkmen Caspian Sea zone. hoped to license Caspian exploration blocks
Willingness to collaborate in unsurpris- under its Iran Petroleum Contract (IPC) frame-
ing given that the wider Caspian basins area, work and pursue development of Sardar-e
including both onshore and offshore fields is Jangal.™

Week 18 05•May•2021 www. NEWSBASE .com P9