Turkmenistan
Turkmenistan is located in Central Asia and is one of the five littoral states of the Caspian Sea. Turkmenistan shares borders with Kazakhstan, Uzbekistan, Afghanistan and Iran and has a population of nearly five million persons.
Turkmenistan’s hydrocarbon industry is a vital component of the country’s economy. In addition to its oil resources, Turkmenistan boasts the world’s fourth largest natural gas reserves and is Central Asia’s largest natural gas producer. Turkmenistan is strategically located to serve growing energy markets in China, India and Europe.
Operations
Soon after inception, Buried Hill Energy identified Central Asia as a major growth area. Over that period, we have developed strong, long-term strategic relationships with the Government of Turkmenistan.
The building of these relationships culminated in the signing in November 2007 of a Production Sharing Agreement and the subsequent issuance of an Exploration Licence for Block III operations in the Caspian Sea.
The Block III area includes the Serdar field which was discovered in the late 1980’s. The Serdar field is situated on the prolific Aspheron sill and contains the same highly productive hydrocarbon reservoirs (Pereryva & Balakhany) as the ACG complex of fields which are currently producing in excess of 850,000 barrels of oil per day with estimates of recoverable oil reserves in excess of 7 billion barrels. In addition to the significant recoverable resources in these reservoirs, the Company has also identified deeper exploration targets that hold considerable natural gas potential.
Shortly after issuance of the Exploration Licence, the Company successfully shot 3,000 km of 2D seismic over the Serdar field. Our current operations are focused on the interpretation of the Block III seismic data and in the development of initial drilling plans.
Buried Hill Energy manages and supports its Turkmenistan operations from its office in the capital city of Ashgabat. The office opened in November 2008, and as the Company’s activities in-country have increased, there has been an ongoing increase in personnel which is expected to continue as we proceed to drilling operations.