The 29th International Conference and Exhibition "Oil and Gas of Turkmenistan - 2024" (OGT 2024) will bring together leading national and international oil and gas companies, as well as experts and financial institutions that shape the future of the oil and gas industry both nationally and throughout the region. The Conference and Exhibition aims to strengthen the dialogue on further sustainable development of the energy sector, review the latest trends in the global energy system, and expand opportunities for attracting foreign direct investment in Turkmenistan's oil and gas industry.
In an era when the world is striving for a large-scale transition to new types of energy, so is Turkmenistan changing. The country can offer investors a wide range of investment opportunities, from developing one of the largest onshore gas fields, Galkynysh, to favorable natural and climatic conditions to effectively develop solar and wind energy. Turkmenistan’s rich resource potential will be the focus of OGT 2024, where Turkmenistan’s national oil & gas companies will provide extensive opportunities for foreign investors in this strategically important area.
Turkmenistan is an important player in the oil and gas market in Asia. The country's hydrocarbon resources are estimated at over 71 billion tons of oil equivalent, more than 20 billion tons of oil, and more than 50 trillion cubic meters of natural gas. According to these figures, Turkmenistan currently ranks fourth in the world in proven natural gas reserves after Russia, Iran, and Qatar.
Currently, the People's Republic of China is the largest consumer of Turkmen natural gas. Turkmenistan supplies China with more than 30 billion cubic meters of natural gas per year via three lines (A, B, and C) of the Central Asian Gas Pipeline System. After completing the fourth line, D, the annual supply of Turkmen natural gas will reach the contracted 65 billion cubic meters. Turkmenistan also supplies gas to Uzbekistan and will soon begin supplies to Iraq.
Turkmenistan attaches great importance to the implementation of the construction of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline. On September 11, 2024, construction of the Serhetabat-Herat (Afghan) section began, which is a key stage in the implementation of the gas pipeline project with a total length of 1,853 km. The cross-border gas pipeline will deliver up to 33 billion cubic meters of natural gas from the Galkynysh field to three points of selection in Afghanistan, three points of selection in Pakistan, and the final point on the Pakistan-India border for supplies to the Indian market.
The Galkynysh field is the world's largest onshore natural gas field, with reserves estimated at 27.4 trillion cubic meters, together with the nearby Yashlar and Garakel deposits. Due to the large area and gas reserves at the field, a strategy for the phased development has been adopted. To carefully use the country's natural resources, specialists from Gaffney Cline and the Natural Gas Research Institute under the State Concern “Turkmengas” have developed a seven-phase plan for developing the Galkynysh gas field, designed for decades to come. Each stage, in turn, is being developed in the context of specific projects focusing on long-term cooperation and targeted use of gas. Today, three plant production capacity of 30 billion cubic meters of commercial gas per year successfully operate at the field. To ensure the planned volumes of supplies to China of an additional twenty-five billion cubic meters of gas per year is intended to commission the second phase of the Galkynysh field development. Currently, negotiations and agreement on the dates for the start of well drilling and the development of the second stage are at an active stage of clarifying the details of the contract. The third stage of development is designed to ensure the supply of 33 billion cubic meters of commercial gas per year under the TAPI international gas pipeline project.
In parallel with the export of natural gas, Turkmenistan pays special attention to its deep processing. In recent years, several gas chemical complexes have been commissioned, and several more are planned to be built soon to produce products with high-added value that are in demand on world markets.
Turkmenistan is actively developing its fields on the Caspian Sea shelf and onshore in the west of the country. Several leading international oil companies, including ENI, Dragon Oil, Petronas, and others, produce oil and gas at contractual territory in the Caspian Sea. The conference will highlight investment opportunities in offshore blocks 11, 12, 16, 21, and 23, West Cheleken, and production optimization at mature fields.
Turkmenistan's oil and gas complex is gradually implementing other strategic projects, including the project to modernize the Turkmenbashi oil refinery complex and the Seydi oil refinery.
When extracting hydrocarbons, Turkmenistan pays great attention to the environmental aspects of hydrocarbon development. As the highly esteemed President of Turkmenistan, Serdar Berdimuhamedov, stated: "Turkmenistan sets an example in implementing important international initiatives on the development and rational use of natural resources, environmental protection, and energy security at the regional and global levels." Speaking at the COP28 climate summit in Dubai, the President of Turkmenistan announced Turkmenistan's accession to the Global Methane Pledge and further continuation of cooperation with international organizations and partner countries within the framework of existing projects and programs aimed at the practical implementation of the conditions arising from the Global Methane Pledge
Turkmenistan is actively developing the renewable energy sector. In March 2021, the Law of Turkmenistan "On Renewable Energy Sources" came into force, according to which innovative electricity-producing projects are being developed, mainly using alternative renewable sources - sun and wind. An example of this is the project of a hybrid solar-wind power plant with a capacity of 10 megawatts, financed by the Abu Dhabi Fund for Development, the construction of which began in 2023 near Lake Altyn Asyr.
Dear friends,
As you can see, in recent years Turkmenistan has come a long way in becoming a leading regional energy power. This is due to the political, economic and legal prerequisites created in our country thanks to the open door policy, equal and mutually beneficial interstate relations successfully pursued by the Esteemed President of Turkmenistan. In accordance with the National Development Program of Turkmenistan, several major projects are planned to be implemented in the country's oil and gas complex in the near future, such as:
We also invite international investors to cooperate in such areas as:
Based on the above projects, we offer you several types of mutually beneficial cooperation:
1. Agreements under the current Law "On Hydrocarbon Resources" (Petroleum Law).
2. Service contracts (onshore) - for individual projects in the mining, construction, oil, gas, and chemical industries.
3. Establish joint service companies to maintain and repair equipment such as gas turbines, compressors pumping equipment, valves, etc.
Among the main factors contributing to Turkmenistan's growing attractiveness to foreign investors are its stable economic and political situation, legislative framework, and state guarantee.
A key aspect of creating a solid legal framework in Turkmenistan is the adoption of the Law of Turkmenistan "On Hydrocarbon Resources," "On Currency Regulation," "On Foreign Investments," and "On Investment Activity," which aim to create a favorable investment climate in the country to attract long-term foreign investment and a state guarantee for reliable legal protection of assets and their return.
Dear delegates,
We are confident that OGT 2024 will further strengthen relations between Turkmen national and international oil and gas companies and will serve as a good platform for attracting foreign investment to the country. We wish you fruitful and successful work within the framework of this International Conference!
Welcome to Turkmenistan!
The OGT 2024 Organizing Committee