Political and economic stability and the conditions conducive to creating an enabling investment climate encourage the world’s largest oil and gas companies for mutually beneficial cooperation with Turkmenistan. Editor-in-Chief of Nebit-Gaz Newspaper Ussa Ussaev shared the details of this work in in an interview with CentralAsia.news.
“The Law of Turkmenistan On Hydrocarbon Resources is based on the international legal framework and creates an enabling fiscal environment for investors, providing for only one type of tax – profit tax and 2-3 payments for the rights to use natural resources, freeing investors up from all other mandatory payments, fees and duties,” the specialist stated.
The expert noted that the country is the largest player in the regional oil and gas market. Turkmenistan comprehensively modernises all production facilities and widely uses modern technology and highly efficient equipment to extract hard-to-reach oil from long-developed fields and bring into development deep-lying oil horizons, which were previously inaccessible for development.
“Turkmenistan is successfully implementing the Oil and Gas Industry Development Programme until 2030 under the leadership of President Serdar Berdimuhamedov. The Programme envisages implementing large-scale oil and gas projects aimed at achieving energy security and diversifying and integrating the national economy into the global system of international economic relations,” Ussaev said.
The observer emphasised that currently the oil assets of the Turkmenneft State Concern are concentrated in more than 30 fields at various stages of development. There are over 2,300 operating wells in the country, and hydrocarbon resources in the Turkmen sector of the Caspian Sea are estimated at 18.2 billion tonnes of oil equivalent.
“The richest natural resources and an enabling climate in Turkmenistan create truly limitless opportunities for building up international cooperation in the oil and gas sector, enhance the trust of partners and encourage foreign companies to extend contracts,” Ussa Ussaev concluded.