ConocoPhillips (NYSE:COP), Chevron Corp. (NYSE:CVX), TX Oil Limited and Mubadala Development Co. are all in the running to acquire rights to explore the Caspian Sea blocks of Turkmenistan.
TX Oil Limited is a new company created this year to target Turkmenistan for development opportunities. It is chaired by the son of former President George H.W. Bush and brother former President George W. Bush, Neil Bush.
If I was a betting man, I would guess that company has an inside edge on bidding, as George H.W. Bush sent a letter with Neil on a trip in the early part of 2010 to communicate with the president of Turkmenistan, and made a personal visit in June. according to the country's website Turkmenistan.ru.
There aren't many proven reserves in the offshore blocks, so this is probably more of a strategic move to gain assess to onshore exploration opportunities, where natural gas is in abundance, with Turkmenistan reportedly holding the fourth largest reserves in the world.
The government of Turkmenistan will make the final decision on who gets the two blocks being offered.
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