Audit firm confirms huge Turkmen gas reserves

ASHGABAT — An audit has found that Turkmenistan may hold the world's fourth-largest natural gas field, state-run media reported Tuesday.

The audit by Gaffney, Cline and Associates is the first outside analysis released by the government and appeared aimed at quashing concerns Turkmenistan will not be able to satisfy its obligations.

The Yolotan field near the Afghan border likely holds 7.85 trillion cubic yards (6 trillion cubic meters) of gas, company official Jim Gillett told government ministers in the capital, Ashgabat, Monday. That would make it the fourth- or fifth-largest field in the world.

"It is now clear that whatever the results of further verifications, there is more than sufficient gas to fulfill Turkmenistan's current contract commitments," Gillett said in comments televised Tuesday.

According to the company's highest estimate, Yolotan may hold 18 trillion cubic yards (14 trillion cubic meters), Gillett said.

"International best practice is generally to develop giant fields of this type in one or more phases of ten billion cubic meters per year," Gillett said. "On Yolotan, this could then be expanded in a series of phases up to 70 billion cubic meters per year."

Turkmenistan estimates its total reserves at more than 26 trillion cubic yards (20 trillion cubic meters).

The country has committed to exporting 65 billion cubic yards (50 billion cubic meters) per year to Russian under a 25-year contract and it also has agreed to provide China with 52 billion cubic yards (40 billion cubic meters) annually beginning late next year.

An additional 10 billion cubic yards are sold annually to Iran.

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