XRG expands gas portfolio through strategic partnership with Petronas in Turkmenistan
Partnership with PETRONAS reflects XRG's strategy to grow its international gas portfolio to meet demand
Deal provides access to more than 7 trillion cubic feet of natural gas resources
Abu Dhabi, UAE – XRG, PETRONAS and the Turkmenistan State Enterprise Hazarnebit have signed a new Production Sharing Contract (PSC) with the State Concern Turkmennebit for the offshore 'Block I' gas and condensate fields in Turkmenistan. As part of the transaction, XRG and PETRONAS signed a long-term Gas Sales Agreement (GSA) with State Concern Turkmengas.
Under the terms of the PSC, PETRONAS will hold 57% participating interest as owner and operator, partnering with XRG (38%) and the Turkmenistan State Enterprise Hazarnebit holding the remaining 5%.
Located in the Caspian Sea, Block I 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 will help to ensure energy supply stability while delivering sustainable growth and economic value, amid rising regional and global demand for natural gas.
Mohamed Al Aryani, President, International Gas, XRG, said: "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, Hazarnebit, Turkmennebit, and Turkmengas, we are advancing energy security and economic development, while creating long-term value for all stakeholders."
M Jukris Abdul Wahab, Executive Vice President and CEO Upstream PETRONAS 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.'
With this acquisition, XRG advances its strategy to build a diversified, transformative international energy investment company centered around three strategic pillars: gas, chemicals, and low-carbon energy solutions. The transaction expands XRG's footprint in Central Asia and reinforces its focus on delivering long-term impact globally.
About XRG:
XRG is a transformative international energy investment company, focused on lower-carbon energy and chemicals, and headquartered in Abu Dhabi. Wholly owned by ADNOC, XRG has an enterprise value of over $80 billion. Its portfolio includes interests in industry-leading companies that are meeting rapidly increasing global demand for lower carbon energy and the chemicals that are essential building blocks for products central to modern life.
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