New proposals for the development of oil and gas fields in the Turkmen sector of the Caspian Sea were presented yesterday at a meeting with President Gurbanguly Berdimuhamedov by the head of the ARETI International Group of Companies Igor Makarov.

 During the meeting, the businessman reported on the ongoing work within the framework of the concluded contracts, including the promotion of projects, the implementation of which was entrusted to ARETI.

 The interest in this project, Makarov said, is primarily due to the colossal potential of Turkmenistan and the favorable investment climate created here, and the presence of an appropriate legal framework.  All this makes it possible to effectively invest large funds in the development of oil and gas fields, in the construction of infrastructure facilities.

 Noting the holding's constructive approach to strengthening mutually beneficial business ties, Gurbanguly Berdimuhamedov stressed that the main requirement for contractors is the use of the latest technological solutions and advanced scientific developments in the implementation of any project, as well as compliance with environmental safety standards.  In this context, the Turkmen leader gave the businessman a number of instructions related to the implementation of joint projects.

 At the end of the meeting, Makarov, confirming ARETI's readiness to continue to take an active part in large-scale projects being implemented in our country, assured President Gurbanguly Berdimuhamedov that the company will make every effort to successfully promote cooperation, will continue to take the most responsible approach to the implementation of the undertaken  undertake partnership obligations.

 ARETI Group (formerly ITERA) is a long-standing partner of Turkmenistan in the fuel and energy sector.  The company's largest project is the development of offshore block 21 in the Turkmen sector of the Caspian Sea under the terms of the Production Sharing Agreement signed with the government of Turkmenistan in September 2009.  Based on the results of seismic work, ARETI estimated the recoverable reserves of this block at 800 billion cubic meters of gas and 95.5 million tons of liquid hydrocarbons.  Wells have not been drilled yet.

 In March 2019, the State Concern «Turkmennebit» and «ARETI» signed a Memorandum of Understanding providing for a partnership in the development of the Uzynada field in the shallow waters of the Caspian Sea.  In the period 2017-2019, the State Corporation «Turkmennebit» and the State Corporation «Turkmengeology» drilled several ultra-deep wells 7000 meters deep in the promising area of ​​Uzynada, in which industrial inflows were obtained with a daily flow rate of 100-500 thousand cubic meters of natural gas and 130-150 tons of gas condensate.

 In accordance with the signed memorandum, ARETI Group had to study the data on Uzynada provided by Turkmennebit for a year and then negotiate a contract for the provision of services.

 In August 2019, Gurbanguly Berdimuhamedov appointed Igor Makarov as a specialist-expert under the adviser to the President of Turkmenistan on oil and gas issues.