- Turkmenistan has some of the largest natural gas reserves in the world, yet the country faces a myriad of challenges in bringing those reserves to world markets. It is geographically far from end-use markets and lacks sufficient pipeline infrastructure to export more hydrocarbons. Also, other hydrocarbon-rich Central Asian and Caspian states with more favourable investment climates and greater access to markets pose competition for Turkmenistan.
- 1998 - Turkmenistan restructured the Oil and Gas Ministry to include five state-run companies
- 2006 - Turkmenistan announced the discovery of the South Yolotan Gas Field
- 2008 - Turkmenistan adopted a new Law on Hydrocarbon Resources
- In 1998, Turkmenistan restructured the Oil and Gas Ministry to include five state-run companies, which control the country's hydrocarbon activities. These companies include the following: Turkmenneftegaz (controls purchases, distribution, and exports of both fuels and oil refining); Turkmenneft (produces oil in the western region of the country); Turkmengaz (produces gas); Turkmenneftegazstroi (construction company for hydrocarbon industry); and Turkmengeologia (conducts hydrocarbon exploration).
- Turkmenistan had proven oil reserves of roughly 600 million barrels in January 2012 based on estimates by Oil and Gas Journal (OGJ). Most of the country's oilfields are situated in the South Caspian Basin and the Garashyzlyk onshore area in the west of the country. In addition, Turkmenistan claims its section of the Caspian Sea contains 80.6 billion barrels of oil, though much is unexplored.
- Turkmenistan currently ranks in the top six countries for natural gas reserves and the top 20 in terms of gas production. According to OGJ, Turkmenistan has proven natural gas reserves of approximately 265 Trillion cubic feet (Tcf) in 2012, a significant increase from 94 Tcf estimated in 2009. Turkmenistan has several of the world's largest gas fields, including 10 with over 3.5 Tcf of reserves located primarily in the Amu Darya basin in the southeast, the Murgab Basin, and the South Caspian basin in the west. Recent major discoveries at South Yolotan in the prolific eastern part of the country are expected to offset most declines in other large, mature gas fields and will likely add to the current proven reserve amounts.
- The Dauletabad Gas Field, located in the Amu Darya basin in the southeast, is one of Turkmenistan's largest and oldest gas-producing fields with estimated reserves of 60 Tcf.
- An independent audit estimated in October 2011 that the South Yolotan Gas Fields potential reserves are at least 460 Tcf and possibly as high as 740 Tcf, which would make South Yolotan the second largest field in the world.
- There are no LNG plants
- There are two refineries, Turkmenbashy Refinery and Seidi Refinery
- There is a major upgrading project proceeding at Turkmenbashy, the Turkmenbashy Refinery Project