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. Last Updated: 07/27/2016

Turkmenistan Opens Tender

The former Soviet republic of Turkmenistan announced Friday it was opening an international tender for some of the rich oil and natural gas reserves under its sector of the Caspian Sea shelf.

In a release, the Turkmen president's Competent Body on the Exploitation of Hydrocarbon Reserves said detailed data on the specific deposits will be available to potential bidders starting Sept. 1.

Bidding closes Nov. 28, with the initial winnowing of bids slated for early December. Winners will be announced by Jan. 1.

Turkmenistan will hold presentations for potential investors in Vienna, London, Houston and Ashgabat between September and November.

Several of Turkmenistan's offshore fields, however, are contested by other Caspian Sea states.