This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 2/14/2019

With the drop of the global prices, Turkmenistan’s hydrocarbon dependent economy is under tremendous pressure. There are dwindling opportunities to purchase exports from the United States and many reports of the Government of Turkmenistan’s payment issues with foreign companies throughout the year. Nevertheless, below are the major sectors that have historically attracted foreign companies to Turkmenistan.

Overview

Turkmenistan is rich in oil and especially gas resources. According to official figures, Turkmenistan’s resource base is approximately 71.64 billion tons of oil equivalent, including 53 billion tons located in onshore fields and 18.21 billion tons in the Caspian Sea. The Government of Turkmenistan announced at May’s 2017 Turkmenistan Gas Conference its reserves were 50.4 trillion cubic meters (tcm). International estimates, however, vary. The 2018 British Petroleum (BP) Statistical Review of World Energy indicated that Turkmenistan, as of the end of 2017, had 100 million tons of proven oil reserves and 19.5 tcm of gas. According to the same report Turkmenistan, with a local annual consumption of 28.4 bcm of gas, produced 62 bcm of natural gas in 2017 and exported 33.6 bcm in 2017, 31.7 to China. In May 2018 the China National Petroleum Corporation (CNPC) reported that the accumulated volume of natural gas exported from Turkmenistan to China reached 204 bcm.  CNPC did not specify how much of the 204 bcm was produced by TurkmenGas and how much by CNPC. The State Committee of Statistics of Turkmenistan reported a total production of 69.4bcm in 2016. According to Turkmenistan’s State Statistics Committee, Turkmenistan produced about 11,397 million tons of oil, including gas condensate, in 2016. According to official figures, the Turkmenbashy Complex of Oil Refineries produced 270 thousand tons of liquefied petroleum gas (LPG) in 2014 with no official data released since.
Oil & Gas:
 2015201620172018 (Estimated)[1]
Total Local Production71.9[2]69.4[3]62[4]*
Total Exports[5]38.137.333.6*
Total Imports000*
Imports from the US
 
000*
Total Market Size33.832.128.4*
Exchange Rates3.53.53.53.5
(total market size = (total local production + imports) - exports)
With the drop of the global prices, Turkmenistan’s hydrocarbon dependent economy is under tremendous pressure. There are dwindling opportunities to purchase exports from the United States and many reports of the Government of Turkmenistan’s payment issues with foreign companies throughout the year. Nevertheless, below are the major sectors that have historically attracted foreign companies to Turkmenistan.

Opportunities

Exploration and development of oil and natural gas fields, especially Galkynysh (formerly South Yoloten), Osman, Minara, Tagtabazar-I, offshore blocks, and the Central Karakum group of fields. Construction of gas treatment and processing units at the abovementioned fields. Opportunities also exist for gas-to-liquid (GTL) technology providers as Turkmenistan is currently building two GTL plants.

Web Resources

 
[1] No estimate yet available for 2018.
[2] 2017 Statistical Yearbook of Turkmenistan.
[3] 2017 Statistical Yearbook of Turkmenistan.
[4] BP Statistical Review of World Energy 2018.
[5] BP Statistical Review of World Energy 2018.

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Turkmenistan Energy Trade Development and Promotion