President Serdar Berdimuhamedov has authorized state corporations Turkmengaz and Turkmenneft to enter into agreements with PETRONAS Carigali Sdn. Bhd. (Malaysia) and ADNOC Turkmenistan RSC Limited (UAE), marking a significant step in enhancing country's energy sector
On Tuesday, PETRONAS, XRG, State Enterprise Hazarnebit, and State Concern Turkmennebit have signed a new Production Sharing Contract (PSC) for the Block I gas and condensate fields in Turkmenistan. As part of the transaction, a long-term Gas Sales Agreement (GSA) was also signed with State Concern Turkmengas.
Adnoc’s international investment company XRG announced the signing of a landmark gas agreement to acquire a 38% interest in the offshore "Block 1" gas concession in Turkmenistan.
"This agreement marks an important milestone in XRG’s global growth strategy and builds on the strengthening relationship between the UAE and Turkmenistan. It strengthens XRG’s presence in the Caspian region, expands our resource base, and reflects our ambition to be a reliable supplier of cleaner energy to meet the world’s evolving needs. By deepening our partnership with PETRONAS, Turkmennebit, and Turkmengas, we are advancing energy security and economic development, while creating long-term value for all stakeholders," - stated XRG President, International Gas, Mohamed Al Aryani.
Under the terms of the PSC, PETRONAS will hold 57% participating interest as the operator, partnering with XRG (38%), with State Enterprise Hazarnebit holding the remaining 5%.
Located in the Caspian Sea, the Block I concession currently produces approximately 400 million cubic feet of natural gas per day. It offers significant long-term potential, with access to over 7 trillion cubic feet of natural gas resources and future opportunities for production capacity expansion.
The collaboration supports Turkmenistan’s efforts to ensure energy supply stability and export diversification while delivering sustainable growth and economic value to all parties, amid rising regional and global demand for natural gas, acoording to PETRONAS's statement.
PETRONAS Executive Vice President and Chief Executive Officer of Upstream, Mohd Jukris Abdul Wahab said, “As the first international operator in Turkmenistan’s energy sector close to three decades ago, this milestone reinforces our presence and signifies our continued expansion in the Upstream sector. We are privileged to contribute to the ongoing advancement of the nation’s energy industry and remain committed to fostering long-term partnerships with XRG, Hazarnebit, Turkmennebit and Turkmengas."
PETRONAS has been in Turkmenistan since 1996 and is currently the operator for Block 1 and the Gas Treatment Plant and Onshore Gas Terminal (GTPOGT) in Kiyanly.
On May 14, President Serdar Berdimuhamedov received the Minister of Industry and Advanced Technologies of the United Arab Emirates, Director General of the Abu Dhabi National Oil Company (ADNOC) Sultan Ahmed Al Jaber, UAE Minister of Energy and Infrastructure Suhail Al Mazrouei and Minister of State of the Ministry of Foreign Affairs of UAE Ahmed Al Sayegh.
Speaking on the topic of cooperation in the fuel and energy sector, the President of Turkmenistan reaffirmed the country’s readiness to expand and intensify its partnership with the Abu Dhabi National Oil Company (ADNOC). He emphasized Turkmenistan’s strategic interest in deepening collaboration with one of the UAE’s leading energy companies.
The President also highlighted that, in recent years, a number of significant projects have been implemented in Turkmenistan with the active involvement of financial and investment institutions from the United Arab Emirates. This growing cooperation reflects a broader trend of strengthening economic and energy ties between Turkmenistan and the UAE.
At the same day, President Serdar Berdimuhamedov received the head of the Malaysian company PETRONAS Tan Sri Tengku Muhammad Taufik. He acknowledged that the company has been actively involved in hydrocarbon extraction projects in Turkmenistan for nearly 30 years and has also contributed to the training of highly qualified professionals for the national oil and gas industry.
The President identified the fuel and energy sector as a key and promising area of cooperation between Turkmenistan and PETRONAS, reaffirming Turkmenistan’s readiness to consider concrete proposals aimed at expanding the established and positive cooperation into new areas.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 23rd of July, covering the latest developments you need to know.
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