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RWE to Spend Up to $80 m on Turkmen Exploration

Source: Reuters 4/21/2010, Location: Asia

Germany's RWE will spend $60-80 million in the next four years on the exploration of a Turkmen offshore gas block, the head of RWE's Turkmen branch said.

RWE signed a deal to develop the so called Block 23 on Turkmenistan's Caspian shelf last year.

The move was important for the former Soviet republic, which wants to diversify gas sales beyond Russia, China and Iran as RWE is a shareholder of Nabucco, the planned gas pipeline bypassing Russia and serving the European market.

"In the first four years of the initial exploration period RWE Dea will perform an environmental study followed by a 3D seismic campaign," Heiko Oppermann, General Manager of RWE Dea AG Turkmenistan Branch, said in an interview.

"After processing and interpretation of the seismic data we will drill one obligatory exploration well. The amount of money to be spent within this first phase is estimated at around $60-80 million."

RWE is one of just a handful of foreign companies working on the Turkmen Caspian shelf. Analysts say fields there are more risky and less lucrative than onshore deposits eyed by Western energy majors.

But Turkmenistan says it will not give away onshore fields and will only hire foreign firms as contractors in their development.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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