Turkmenistan Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in turkmenistan, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Oil & Gas
Last published date:

Overview

Turkmenistan is rich in oil and especially natural gas resources. According to official figures, Turkmenistan’s resource base is approximately 71.64 billion tons of oil equivalent, including 53 billion tons located in onshore fields and 18.21 billion tons in the Caspian Sea. Turkmenistan consumes half of its oil production domestically and exports the remainder over the Caspian Sea to world markets. The Turkmenbashy Complex of Oil Refineries and the gas-to-gasoline plant in Ahal province produce liquefied petroleum gas (LPG), though no official data on production is available. 
 

Table: Oil & Gas:  Total Market Size

 

2020

2021

2022

2023 

2024

Total Natural Gas Production (billion m³)

66.0

79.3

~78.3

80.62

77.62

Total Oil Production (million tonnes)

10.4

12.0

~10.8 (est.)

8.316

8.280

Total Exports of Oil and Gas ($ billions)

≈ 2.0 

 ≈ 6.38 

 ≈ 14.3

≈ 14.01

≈ 12.37

Total Imports

0

0

0

0

 

Imports from the US

 

0

0

0

0

 

Total Market Size

*

*

*

*

 

Exchange Rates

3.5

3.5

3.5

3.5

3.5

(Total market size = (total local production + imports) - exports)
Sources: UN Comtrade data, International Trade Centre statistics, https://oilgas.gov.tm/en, https://caspianbarrel.org/en, British Petroleum Report “Statistical Review of World Energy”

Leading Sub-sectors

Spanning upstream (Exploration & Production), midstream (Transport & Logistics), downstream (Refining & Fuel Production), and Petrochemicals & Specialty Chemicals. 

Opportunities

Exploration and development of oil and natural gas fields, especially Galkynysh (formerly South Yoloten), Osman, Minara, Tagtabazar-I, Caspian Sea offshore blocks, and mainly Dostluq field, and the Central Karakum group of fields. Possible construction of a Trans-Caspian interconnector or pipeline, gas treatment and processing units at the abovementioned fields. Opportunities also exist for gas-to-liquid (GTL) technology providers as Turkmenistan is currently expanding production capacity in this sector.
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