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Report: German Energy Company to Pull Out of Turkmenistan

German company DEA Deutsche Erdoel AG is set to relinquish its natural gas concession on Turkmenistan’s Caspian Sea shelf over frustration at excess bureaucracy and corruption, according to foreign-based website Alternative News of Turkmenistan (ANT).

The website reported, citing what it claimed were sources inside Turkmenistan’s presidential administration, that the Hamburg-based oil and gas company plans to end its exploration commitments at what is known as Block 23.

DEA AG — formerly RWE Dea AG — was granted exploration rights for Block 23 under a production sharing agreement in 2009 in an agreement that suggested Turkmenistan was readying to open its energy resources up to outsider investors.

The ultimate prize has been access to onshore reserves, but Western courtiers have been kept waiting ever since.

ANT cites it sources as saying that DEA AG has grown tired at “bureaucratic complications” in the Central Asian nation.

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Report: German Energy Company to Pull Out of Turkmenistan

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