Petronas signs new strategic gas deal in Turkmenistan
KUALA LUMPUR: Petronas has signed a new production sharing contract (PSC) with Turkmenistan national oil company Turkmennebit and two other parties.
The PSC, which also involves Turkmenistan firm Hazarnebit and Abu Dhabi-based XRG, is for Block I gas and condensate fields in the central Asian country.
As part of the contract, a long-term gas sales agreement (GSA) was also signed with national gas company Turkmengas.
Petronas will hold 57 per cent participating interest as the operator, partnering with XRG (38 per cent) while Hazarnebit holds the remaining five per cent.
Located in the Caspian Sea, the Block I concession currently produces about 400 million cubic feet of natural gas per day.
Petronas said the concession offers significant long-term potential, with access to over 7.0 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 chief executive officer of upstream Mohd Jukris Abdul Wahab said the agreement strengthens the company's commitment to Turkmenistan's energy 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 said in a statement.
XRG president for international gas Mohamed Al Aryani said the agreement strengthens the company's presence in the Caspian region, expands resource base and reflects the ambition to be a reliable supplier of cleaner energy to meet the world's evolving needs.
Petronas has been in Turkmenistan since 1996 and is currently the operator for Block 1 and gas treatment plant and onshore gas terminal in Kiyanly.
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