The UK Daily Telegraph has a report on a huge gas field in Turkmenistan - Second largest gas field found in Turkmenistan.

A new report from Gaffney Cline, the British oil field auditing company, to be released officially next month, has confirmed claims from the former Soviet Republic that many had dismissed as overly optimistic.

"It appears that the South Yolotan field is now easily the world's second largest gas field in terms of gas in place – second only to the North Field and South Pars," Peter Holding, Gaffney Cline's director for Central Asia, said at a conference in the Caspian resort of Awaza.

The report is expected to say that the field could hold 20 trillion cubic metres, enough to supply the UK for more than 350 years, and Europe for more than 50. The compares with the top-level estimate of 14 trillion cubic metres it gave in its 2008 audit, which ranked the field only sixth worldwide.

The development of the giant North Field has made Qatar the world's richest country in terms of per capita income. The field, which is shared with Iran, holds more than 50 trillion cubic metres.

Mr Holding pointed out that the South Yolotan field could now easily support gas deliveries to Europe, as well as to Russia and China.

Heading out has a post at TOD on gas supply from Turkmenistan - Turkmenistan Natural Gas.

Turkmenistan holds significantly large quantities of natural gas (they hold the world’s fourth largest reserves) and these have, over the years, proved attractive to Russia, China and the West. Until fairly recently, despite some bad relationships from time to time, the natural gas that the country produced made its way towards the West through Russia. With only Russian pipes as the conduit, Turkmen gas was under the real control of those who chose whether to pump the gas, or not.

However, when times were flush for the industry (can this be just over a year ago) and in order to ensure supplies for its customers in the West, Russia agreed to a much more beneficial pricing for the Turkmen gas, and was buying some 50 bcm a year. This was all arranged after the Russian Presidency changed hands, and was one of the first items on the new President’s agenda.

Since then things have not really gone well for the relationship as a whole. Turkmenistan has agreed to send natural gas to China, providing it with a second customer, while the price of natural gas has fallen with the recession in demand, around the world. That pipeline is now expected to be in place by the end of next year, and I saw pipelines being laid in China on my recent visit, as they extend the network. The pipeline is expected to carry some 40 bcm (more than Russia will buy this year).

Turkmenistan has also agreed to supply Iran with 14 bcm of natural gas with a new pipeline to carry gas down into Iran being planned for the near future.

Gazprom profits, meanwhile have dropped 62%, as the demand from Europe has dropped dramatically – with Gazprom market share falling to 16%. There was an “accident” to a pipeline between Russia and Turkmenistan, and since then no gas has flowed through the pipelines. ...