The 29th International Conference and Expo "Oil and Gas of Turkmenistan" (OGT-2024) will be held in Ashgabat on 23-25 October 2024. The Conference principal organisers are the State Concerns "Turkmennebit”, “Turkmengas”, the Chamber of Commerce and Industry of Turkmenistan, and the State Corporation “Turkmengeology” in partnership with Turkmen Forum and UK-based GaffneyCline.
The conference and exhibition are aimed to strengthen the regional dialogue on further sustainable development of the energy sector, review the latest tendencies in the global energy system, and expand the opportunities for attracting foreign direct investment to the oil and gas industry of Turkmenistan. The OGT Expo, which ran in parallel with the conference presented the best highlights from the domestic and global oil & gas industries, reinvigorated with new ideas and features to match the current industry agenda. New elements introduced at this year’s Expo put a key focus on highlighting the importance of acceleration of cooperation between IOCs and NOCs, reinforcing the growing role of mutually beneficial partnerships.
Participation and business meetings on the sidelines of this Conference and Expo increased the awareness of potential partners about new investment projects in oil, gas, energy, and chemical complexes of Turkmenistan.
The agenda of the Conference focused on discussion of such issues as the future of global energy, investment opportunities in the Turkmen oil & gas sector; green energy, environmental aspects of hydrocarbon developments; Technological innovations, and the role of human capital in successful energy transition.
Turkmenistan is a major player in the Asian oil & gas market. The country's hydrocarbon resources are estimated at over 71 billion tons of oil equivalent, that is over 20 billion tons of oil and over 50 trillion cubic meters of natural gas. Given these figures, as of today, Turkmenistan holds the world’s fourth-largest proven natural gas reserves, after Russia, Iran, and Qatar.
Currently, Turkmenistan’s largest customer is the People’s Republic of China. Turkmenistan has resumed gas supplies to Russia and swapped supplies to Azerbaijan via Iran.
Turkmenistan is also proceeding with the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline. Despite the consequences of the COVID-19 pandemic and the ensuing changes in the global markets, the TAPI countries continue to support the implementation of the Turkmenistan-Afghanistan-Pakistan-India Gas Pipeline Project. The recent high-level meetings in Pakistan and Afghanistan have shown the readiness of the parties to accelerate the implementation of this project. The 1,853-km pipeline will deliver up to 33 BCMA natural gas from the Galkynysh gas field in Turkmenistan to three off-take points in Afghanistan, three offtake points in Pakistan, and a final off-take point at the Pakistan-India border to supply the Indian market. The linear part of the Turkmenistan section of the TAPI pipeline is currently being commissioned.
Turkmenistan is actively developing its offshore fields in the Caspian Sea and onshore in the Balkan region. Currently, a number of leading IOCs are producing oil and gas from contractual areas in the Caspian Sea, among them: ENI, Dragon Oil, Petronas, and others. The focus of this year’s conference will be the attraction of investment to offshore Blocks No. 21 and 23, West Cheleken, optimization of production from mature fields, and next phase development of the supergiant Galkynysh field, which is the largest onshore gas field in the world.
The cooperation between Turkmenistan and Azerbaijan reached a major milestone with the signing of the Memorandum of Understanding between the governments of Azerbaijan and Turkmenistan on the joint exploration and development of hydrocarbon resources of the Dostluk field in the Caspian Sea. Successful development of this field will allow the supply of natural gas westwards to Europe.
In parallel with the export of natural gas by pipeline, Turkmenistan is currently focusing on the deep processing of natural gas, which in the long term may become dominant in the country's economy. In recent years, several gas chemical complexes have been commissioned, and in the near future, several more are planned to be built in order to manufacture value-added goods that are in high demand in global markets. Among them is Kiyanly Polymer Plant in the Balkan region. The complex was built by a consortium of South Korean and Japanese companies and commissioned in October 2018. Another gas chemical complex is the Gas to Gasoline (GTG) plant, which was commissioned in 2019, and was built by a Japanese-Turkish consortium.
The Turkmenbashy refinery is the flagship industrial complex located in west Turkmenistan and accounts for a quarter of the volume of industrial production. Currently, the refinery is undergoing phased reconstruction, which also presents various investment opportunities for potential investors.
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 Activities", which are aimed at creating a favorable investment climate in the country in order to attract long-term foreign investments and a state guarantee for reliable legal protection of investments and their return.
Among the main factors of the growing attractiveness of Turkmenistan for foreign investors is the country's stable economic and political situation, as well as the legislative framework and state guarantees. The conference will be available in both traditional and online formats through the Zoom platform. Meetings on the sidelines of the Conference with the senior management of the Turkmen oil and gas sector will also be available in both in-person and online formats.
Senior management and representatives of both Turkmen state organizations and leading international oil and gas companies, as well as major international financial institutions, participated in the conference and Expo. The organizing committee provided visa support to all registered delegates.