Maersk Oil & Gas Wins Exploration Rights in Caspian Sea

Maersk Oil & Gas has been awarded two exploration licenses in the Turkmenistan sector of the Caspian Sea. The production-sharing contract covers exploration and production work at blocks 11 and 12 on the Turkmen sector of the Caspian Sea. Maersk president, Kjeld Fjeldgaard, said the company had as yet only a few "wild ideas" concerning estimated reserves on the territory to be explored by the company. "We have to do exploration but we are hoping there is a good chance to find oil in commercial quantities," he said. Landlocked Turkmenistan has vast untapped reserves of oil and gas and depends heavily on the export of these natural resources, which are presently transported mainly to or via Russia.

The former Soviet republic is seeking new export routes for its oil and gas, including possible pipelines to transport oil and gas to Pakistan across Afghanistan.