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Journal of Energy & Natural Resources Law Volume 19, 2001 - Issue 1
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Original Articles

Turkmenistan's Oil and Gas Sector: Overview of the Legal Regime for Foreign Investment

Jonathan H Hines Mr Hines (based in Moscow) and Mr Varanese (based in Almaty, Kazakhstan) are partners in the LeBoeuf, Lamb, Greene & MacRae, LLP, international law firm. They gratefully acknowledge the assistance, in the preparation of this article, of Victoria P Simonova, an associate, and Dina V Pak, a legal assistant in the firm's Almaty office. An initial version of this article was presented at TIOGE 2000, the Turkmenistan International Oil and Gas Conference, held in Ashgabat in March 2000.
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James B Varanese Mr Hines (based in Moscow) and Mr Varanese (based in Almaty, Kazakhstan) are partners in the LeBoeuf, Lamb, Greene & MacRae, LLP, international law firm. They gratefully acknowledge the assistance, in the preparation of this article, of Victoria P Simonova, an associate, and Dina V Pak, a legal assistant in the firm's Almaty office. An initial version of this article was presented at TIOGE 2000, the Turkmenistan International Oil and Gas Conference, held in Ashgabat in March 2000.
Pages 44-63 | Published online: 08 Jun 2015
 
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Abstract

The proven and otherwise probable hydrocarbon riches of the former Soviet Republic of Turkmenistan, spanning sizeable offshore Caspian fields in the west to the Amu Darya Basin reserves bordering Uzbekistan in the east, are by now quite clear. The worldwide exploration and production industry community (American, West European, Russian, Middle Eastern and even Chinese players) are entering this new game, even while serious pipeline transport obstacles remain.

This article examines the legal regime applicable to foreign investments in Turkmenistan's upstream oil and gas sector. This type of investment is significantly influenced in Turkmenistan, as in the neighbouring ex-Soviet countries, by the starting-point rule that all underground natural resources—including oil and gas—are in exclusive state ownership.

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