Latest news with #BlockI
Malaysian Reserve
19-05-2025
- Business
- Malaysian Reserve
Petronas expands gas portfolio in Turkmenistan
PETROLIAM Nasional Bhd (Petronas) has strengthened its long-standing presence in Turkmenistan's upstream energy sector by signing a new production sharing contract (PSC) for the gas and condensate-rich Block I concession in the Caspian Sea, alongside partners XRG, state enterprise Hazarnebit and state concern Turkmennebit. The deal also includes a long-term gas sales agreement (GSA) with state concern Turkmengas, cementing the consortium's commitment to support Turkmenistan's energy security goals and its ambitions to diversify natural gas exports. Under the new PSC terms, Petronas will retain operatorship with a 57% participating interest. Its consortium partner, United Arab Emirates (UAE)-based XRG, will hold 38%, while Hazarnebit will take a 5% stake. Block I, which currently yields approximately 400 million cu ft of natural gas per day, is estimated to contain over seven trillion cu ft of recoverable gas resources. The block holds significant long-term development potential, with room for expanded production capacity to cater to rising regional and global demand. Petronas executive VP and CEO of upstream Mohd Jukris Abdul Wahab said the agreement reaffirms the Malaysian energy giant's enduring role in the country. '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,' he said. XRG president of international gas Mohamed Al Aryani described the deal as 'an important milestone' in the company's global growth strategy, noting its align- ment with the deepening diplomatic and commercial ties 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,' he said. '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,' Al Aryani added. Petronas first entered Turkmenistan in 1996 and has since operated Block I and the associated Gas Treatment Plant and Onshore Gas Terminal (GTPOGT) in Kiyanly. The latest agreement underscores the group's strategy of strengthening its international gas portfolio while supporting host countries in achieving their long-term energy transition and economic development objectives. — TMR This article first appeared in The Malaysian Reserve weekly print edition
Gulf Today
15-05-2025
- Business
- Gulf Today
UAE, Turkmenistan to strengthen bilateral relations in vital sectors
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Managing Director and Group CEO of Adnoc, along with Suhail Bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, and Ahmed Al Sayegh, Minister of State, paid a working visit to Turkmenistan. The delegation included several representatives from the UAE government and private sector entities, accompanied by Dr. Mohammed Al Ariqi, Representative of the Presidential Court, and Ahmed Alhay Alhameli, UAE Ambassador to Turkmenistan. During the visit, the delegation met with Gurbanguly Berdimuhamedov, the National Leader of the Turkmen people, Chairman of the People's Council of Turkmenistan, as well as Serdar Berdimuhamedow, President of Turkmenistan. Dr. Sultan Bin Ahmed Al Jaber conveyed to the Turkmen President the greetings of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, and his wishes for continued progress and prosperity for the leadership and people of Turkmenistan. He also conveyed the greetings of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court. For his part, the President of Turkmenistan extended his greetings and best wishes to the leadership and people of the UAE, expressing his keenness to develop and enhance bilateral relations across all sectors for the benefit and mutual interest of both friendly nations. During the meetings, the delegation discussed ways to strengthen bilateral relations and enhance co-operation in the fields of energy, infrastructure, and other vital sectors, as well as opportunities for joint investments between the two countries. The visit included a series of meetings with Deputy Chairman of the Cabinet of Ministers and Minister of Foreign Affairs of Turkmenistan, as well as a number of senior officials from Turkmenistan. During the visit, Adnoc's 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. This visit reflects the commitment of both countries' leadership to strengthening bilateral relations and advancing cooperation in economic, investment, cultural, tourism, and social sectors for the mutual benefit of both nations and their peoples. 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.
Yahoo
15-05-2025
- Business
- Yahoo
ADNOC's XRG acquires 38% stake in Turkmenistan's offshore Block I natural gas field
ADNOC's international investment arm, XRG, has acquired a 38% stake in an offshore natural gas block in Turkmenistan, marking a significant step in the company's global expansion strategy, according to a report by Reuters. This move aligns with Abu Dhabi's broader objective to diversify its energy portfolio and reduce reliance on oil export revenues. XRG, which specialises in lower-carbon energy and chemicals, was launched in November last year with an enterprise value of more than $80bn (Dh293.8bn). The company's mandate includes pursuing international deals in chemicals, natural gas and renewables. The stake in the Block I offshore block will position XRG alongside Malaysia's Petronas, which holds a 57% interest, and Turkmen state company Hazarnebit with 5%. The partners have also signed a long-term gas sales agreement with Turkmengas and a production sharing contract with Turkmennebit. The Caspian Sea block currently yields 400 million cubic feet of natural gas per day and is estimated to contain more than seven trillion cubic feet of gas resources. XRG highlighted the block's "significant long-term potential" and opportunities for future production expansion. In addition to the Turkmenistan venture, XRG finalised the creation of Arcius Energy in December, a joint venture (JV) set to operate in Egypt. With bp holding a 51% majority stake and XRG the remaining 49%, the JV represents a strategic move for ADNOC to extend its international footprint. Arcius Energy's assets in Egypt include the Shorouk concession, home to the producing Zohr field, operated by Belayim Petroleum. Additionally, XRG finalised its acquisition of a 10% stake in the Area 4 concession in Mozambique's Rovuma Basin from Galp in March. The deal, initially announced in May 2024, signifies XRG's first investment in Mozambique, aligning with its strategy to expand its integrated gas portfolio and support a transition to sustainable energy. The Rovuma Basin, recognised for its significant gas discoveries, provides XRG with an opportunity to engage in LNG projects that have a potential combined production capacity exceeding 25 million tonnes per annum. The acquisition encompasses interests in the operational Coral South FLNG (floating LNG), the upcoming Coral North FLNG and the onshore Rovuma LNG development projects. "ADNOC's XRG acquires 38% stake in Turkmenistan's offshore Block I natural gas field" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Barnama
15-05-2025
- Business
- Barnama
PETRONAS, XRG, Hazarnebit and Turkmennebit Partner On Strategic Gas Asset In Turkmenistan
ASHGABAT, May 15 (Bernama) -- 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. 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%.
Al Etihad
14-05-2025
- Business
- Al Etihad
UAE, Turkmenistan discuss strengthening bilateral relations in vital sectors
14 May 2025 22:20 ASHGABAT (WAM)Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, and Managing Director and Group CEO of ADNOC, along with Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy and Infrastructure, and Ahmed Al Sayegh, Minister of State, paid a working visit to delegation included several representatives from the UAE government and private sector entities, accompanied by Dr. Mohammed Al Ariqi, Representative of the Presidential Court, and Ahmed Alhay Alhameli, UAE Ambassador to the visit, the delegation met with Gurbanguly Berdimuhamedov, the National Leader of the Turkmen people, Chairman of the People's Council of Turkmenistan, as well as Serdar Berdimuhamedow, President of Sultan bin Ahmed Al Jaber conveyed to the Turkmen President the greetings of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and his wishes for continued progress and prosperity for the leadership and people of Turkmenistan. He also conveyed the greetings of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President and Deputy Prime Minister, and Chairman of the Presidential his part, the President of Turkmenistan extended his greetings and best wishes to the leadership and people of the UAE, expressing his keenness to develop and enhance bilateral relations across all sectors for the benefit and mutual interest of both friendly the meetings, the delegation discussed ways to strengthen bilateral relations, and enhance cooperation in the fields of energy, infrastructure, and other vital sectors, as well as opportunities for joint investments between the two visit included a series of meetings with Deputy Chairman of the Cabinet of Ministers and Minister of Foreign Affairs of Turkmenistan, as well as a number of senior officials from the visit, ADNOC's 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. This visit reflects the commitment of both countries' leadership to strengthening bilateral relations and advancing cooperation in economic, investment, cultural, tourism, and social sectors for the mutual benefit of both nations and their peoples.
