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December 1, 2021updated 27 Apr 2022 12:06pm

Block 1 Conventional Oil Field, Turkmenistan

By Carmen

Block 1 is a producing conventional oil field located in shallow water in Turkmenistan and is operated by PETRONAS Carigali (Turkmenistan) Sdn. The field is located in block Block I, with water depth of 95 feet.

Field participation details

The field is owned by Petroliam Nasional.


Production from Block 1

The Block 1 conventional oil field recovered 42.61% of its total recoverable reserves, with peak production in 2016. The peak production was approximately 25.94 thousand bpd of crude oil and condensate and 494 Mmcfd of natural gas. Based on economic assumptions, production will continue until the field reaches its economic limit in 2054. The field currently accounts for approximately 8% of the country’s daily output.


Remaining recoverable reserves

The field is expected to recover 469.91 Mmboe, comprised of 129.15 Mmbbl of crude oil & condensate and 2,044.54 bcf of natural gas reserves. Block 1 conventional oil field reserves accounts 0.10% of total remaining reserves of producing conventional oil fields globally.


About PETRONAS Carigali (Turkmenistan) Sdn

PETRONAS Carigali (Turkmenistan) Sdn Bhd (PETRONAS Carigali) is a provider of oil and gas products, based in Turkmenistan. The company is involved in the exploration and production of crude oil, natural gas and related products. It is also involved in sale and transportation of LNG; transmission of natural gas; refining and marketing of petroleum products, and sale of petrochemical products. PETRONAS Carigali conducts its exploration and production activities in the Caspian Sea. The company operates as a subsidiary of Malaysia-based Petroliam Nasional Berhad (PETRONAS). PETRONAS has invested more than US$3 billion in Turkmenistan since 2010. PETRONAS Carigali is headquartered in Ashgabat, Turkmenistan.

Methodology

Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.

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