Petronas, partners sign new PSC for Turkmenistan gas block
As part of the transaction, a long-term gas sales agreement was also signed with state concern Turkmengas, the national gas company of Turkmenistan, Petronas said in a statement.
Under the terms of the PSC, Petronas will hold 57% participating interest as the operator, XRG 38% and Hazarnebit the remaining 5%.
Located in the Caspian Sea, the Block 1 concession currently produces about 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.
Petronas executive vice-president and CEO 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 the company's presence and signifies its 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.' he added.
XRG president, international gas, Mohamed Al Aryani stated, '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,' he said.
Petronas has been in Turkmenistan since 1996 and is currently the operator for Block 1 and the Gas Treatment Plant and Onshore Gas Terminal in Kiyanly.
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