"Other foreign partners, including those from Azerbaijan, will be invited to develop this oil field, with recoverable reserves of 50 million tons," a Turkmen Foreign Ministry spokesman said.
He said the Iranian oil company and an unnamed Russian company would participate but gave no further details.
The offshore field is disputed by Azerbaijan and Turkmenistan, two former Soviet republics which sit on opposite sides of the Caspian Sea.
The Azeris call the field Kyapaz while the Turkmens have named the field Serdar.
Turkmenistan protested against a $1 billion deal struck in July between Azerbaijani state oil company Socar and Russian oil firms Rosneft and LUKOIL.
On a visit to Moscow earlier this month, Turkmen President Saparmurat Niyazov said President Boris Yeltsin had annulled the deal.
Azerbaijan's Socar said this week it has had no written confirmation from either Rosneft or LUKoil that they intend to pull out of the deal.
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