The 29th International Conference and Expo "Oil and Gas of Turkmenistan" (OGT-2024) will be held in Ashgabat from October 23 to 25, 2024. The event is organized by the State Concerns "Turkmengas" and "Turkmennebit," the Chamber of Commerce and Industry of Turkmenistan, and the State Corporation “Turkmengeology.”
The conference and Expo aim 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 Turkmenistan's oil and gas industry. The OGT Expo, which will run in parallel with the conference, will present the best highlights from the domestic and global oil & gas industries, reinvigorating 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 will not only increase potential partners' awareness of new investment projects in Turkmenistan's oil, gas, energy, and chemical complexes but also provide a unique opportunity for networking and collaboration, fostering a sense of excitement and eagerness among the participants.
The agenda of the Conference will focus on discussion of such issues as the future of 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. Side events, including technical sessions, will include sessions organized by the OGT 2024’s knowledge partner – S&P Global Platts, the Society of Petroleum Engineers (SPE), and the United Nations.
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 to 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. The recent high-level meetings in Pakistan and Afghanistan have shown the parties' readiness 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 off-take points in Pakistan, and a final off-take point at the Pakistan-India border to supply the Indian market.
Turkmenistan is developing its offshore fields in the Caspian Sea and onshore in the Balkan region. Several leading IOCs, including ENI, Dragon Oil, Petronas, and others, produce oil and gas from contractual areas in the Caspian Sea. The focus of this year’s conference will be attracting investment to offshore Blocks No.11, 12, 16, 21, 23, and 24, optimizing production from mature fields, and advancing the next phase of the supergiant Galkynysh field, the largest onshore gas field in the world. The recent visit of the President of Korea, His Excellency Yoon Suk Yeol, resulted in the signing of several MoUs, with a particular focus on Phase IV development of the Galkynysh gas field and projects in chemical gas utilization. Turkmenistan's State Concern “Turkmengaz” signed a Framework Cooperation Agreement with “Hyundai Engineering Co.,Ltd” for the design and "construction with full readiness" of commercial gas treatment facilities and wells in the Galkynyş gas field.
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 in 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 several more are planned to be built to manufacture value-added goods in high demand in global markets.
The Turkmenbashy refinery is the flagship industrial complex located in west Turkmenistan. It accounts for a quarter of the country's industrial production. 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 to attract long-term foreign investments and a state guarantee for reliable legal protection of investments and their return. Among the main factors contributing to the growing attractiveness of Turkmenistan for foreign investors are the country's stable economic and political situation, the legislative framework, and state guarantees.
Senior management and representatives of Turkmen state organizations, leading international oil and gas companies, and major international financial institutions are expected to participate in the conference and Expo. The organizing committee will provide visa support to all registered delegates.