ARETI interested in implementation of joint projects in Turkmen fuel and energy complex

President of Turkmenistan Gurbanguly Berdimuhamedov received president of ARETI International Group with the headquarters in Geneva (Switzerland) Igor Makarov, Trend reports referring to the Turkmen government.

Advisor to the Turkmen president on oil and gas issues Yagshigeldy Kakaev took part in the meeting.

Makarov talked about the progress of the work being carried out by ARETI in Turkmenistan and confirmed the interest in implementing new joint projects in the oil and gas sector and other promising spheres.

President Berdimuhamedov emphasized broad prospects for mutually beneficial cooperation with interested foreign partners and intensification of investment activity. They include plans for the intensive development of the oil and gas refining industry and the establishment of the facilities producing high-quality products that are in demand in the world markets.

ARETI has been operating in the local market since 2009 on the basis of a production sharing agreement. ARETI is an operator on 21 blocks of the Turkmen shelf of the Caspian Sea, which have two structures, namely, West Erdekli and South Erdekli.

Following the processing of 2D/3D seismic data obtained after exploration, the recoverable reserves of the block were estimated at 800 billion cubic meters of natural gas and 95.5 million tons of liquid hydrocarbons.

Earlier, a memorandum of understanding was signed between Turkmenistan’s state-owned Turkmen Oil state concern (Turkmennebit) and ARETI, as part of which preparatory work will be undertaken for the development of a hydrocarbon field in Turkmenistan’s Uzynada island, which was discovered in 2017.

As a result of drilling a well with a projected depth of 7,150 meters in the range of 6,689-6,695 meters, the specialists of Turkmennebit obtained an industrial flow of natural fuel. According to the preliminary estimates, the well productivity makes up 500,000 cubic meters of natural gas and 150 tons of gas condensate daily.

The ARETI International Group was created as a result of the rebranding of the ITERA international group of companies, formed in 1992, the official website of ARETI said.

The main activities of ARETI are the projects in the field of fuel and energy complex, particularly the development of the shelf of the Turkmen sector of the Caspian Sea, trading, engineering, and development projects, as well as investments in the real sector of the economy.