Baku News

04 May 2007 - MarketWatch - Turkmenistan's president, Gurbanguly Berdymukhammedov, has invited Chevron Corp. to participate in the exploration and development of hydrocarbon fields in the Turkmen part of the Caspian sea, the Turkmen government said late Thursday. During a meeting with senior Chevron officials, Berdymukhammedov said the Central Asian nation was interested in acquiring modern technology for the oil and gas sector and was ready to discuss areas of cooperation with Chevron, the Turkmen government said on its Web site. Turkmenistan is a major natural gas producer. Its government says the country's natural gas reserves are 2.8 trillion cubic meters, although this hasn't been independently verified. The size of Turkmen oil and gas reserves in the Caspian Sea isn't known. Turkmenistan plans to produce 80 billion cubic meters of natural gas and 10.4 million metric tons of oil, or about 200,000 barrels a day, in 2007.