Latest news with #GasSalesAgreement
Dubai Eye
15-05-2025
- Business
- Dubai Eye
UAE, Turkmenistan seal partnerships in energy and infrastructure
The UAE and Turkmenistan have strengthened energy cooperation with two agreements on gas production and export. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC was a part of the UAE delegation visiting Turkmenistan to enhance cooperation with the country in key sectors including energy and infrastructure. The delegation included several representatives from the UAE government and private sector entities, including Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, and Ahmed Al Sayegh, Minister of State. They 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. ADNOC's XRG, PETRONAS and the Turkmenistan State Enterprise Hazarnebit signed the Production Sharing Contract (PSC) with the State Concern Turkmennebit, enabling joint exploration, development, and production of natural gas resources in the fields of Turkmenistan. XRG and PETRONAS also signed a long-term Gas Sales Agreement (GSA) with State Concern Turkmengas, ensuring a steady offtake and export of the produced gas. The visit reflects the commitment of both countries' leadership to advancing cooperation in economic and investment sectors for the mutual benefit of both nations and their people.
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.
Business Recorder
30-04-2025
- Business
- Business Recorder
Kandhkot to third-party buyers: PPL seeks PD's approval to redirect unutilised gas
ISLAMABAD: Pakistan Petroleum Limited (PPL) has requested the Petroleum Division's approval to redirect unutilised gas from the Kandhkot Gas Field to third-party buyers out of 200 million cubic feet per day (mmcfd) assigned to Central Power Generation Company Ltd (GENCO-II) in Guddu. The matter was discussed in the National Assembly's Public Accounts Committee (PAC) while Junaid Akbar was in chair on Tuesday. Petroleum Division Secretary Momin Agha informed the committee members that a proposal to sell access gas to third party is the solution to address Genco-II dues against the company, province and federal government. It is also important as Genco-II privatisation is included in the active list of privatisation, he added. The PD secretary said the low offtake and lower price of gas dedicated to Genco-II had negative impact on production of the gas field which would be completely shut down by year 2036 in case no fresh investment bring in it. Low gas offtake by Genco-II: PPL seeks PD probe into reasons He explained that the Genco-II was supplying gas at Rs550 per mmbtu tariff; still a significant variation has been seen in its off-take by the power company. Imran Abbasy, managing director/chief executive officer PPL informed the committee that then investors from private sectors showed their interest in investment in the depleting well which would enable to enhance its production and life for year 2025. He said that Genco-II off-take from the field was 100 to 110 mmcfd from the allocated 200 mmcfd. He said around 50 mmcfd gas was access or underutilised. Chief Operating Officer Genco-II said that the power company was taking gas of 72.5 percent of total production of the field as per agreed Gas Sales Agreement (GSA) and reflected in fiscal year 2022-23 accounts. He said the company requested the PD to allow them to sell unutilised gas. Access gas to third party would help Genco-II to clear its Rs70 billion dues under Gas Development Surcharge (GDS) to Sindh Province. A substantial amount of PPL gas billing to Genco-II comprises government levies, mainly the GDS and Gas Infrastructure Development Cess, which are also payable to the government on collection from customers. It has been reportedly said that PPL reported that gas off-takes by Genco-II are consistently lower than submitted Annual Contract Quantity (ACQs) of 145 mmcfd and daily average off-takes from KGF remained -98.7 mmcfd (July 1-Sept 2024). Furthermore, since August 25, 2024, Genco-II reduced the off-takes below 75 mmcfd and there had been instances during said period where complete gas off-takes were ceased by Genco-II. Copyright Business Recorder, 2025
Zawya
28-02-2025
- Business
- Zawya
New gas output from Oman's' Block 61 to fuel 4th LNG train project
A proposed fourth LNG train will boost the combined capacity of the LNG complex at Sur to around 15.2 MMTA Block 61, one of Oman's biggest gas blocks accounting for nearly a third of the country's natural gas production, is now the focus of renewed efforts to unearth additional reserves that could support the feedstock requirements of future projects, as well as a proposed 4th LNG train planned at Sur on the country's east coast. According to OQ Exploration & Production (OQEP), which owns a 30 per cent working interest in the prolific BP-operated block, a field development plan (FDP) covering the non-associated gas and condensate asset in central Oman is currently being refreshed to help identify potential new reserves. 'The Field Development Plan (FDP) is being updated to evaluate the block's full potential recoverable gas resources for future growth projects beyond the current Gas Sales Agreement (GSA) and to supply gas for potential new LNG train in Sur,' said Ahmed al Azkawi, CEO of OQEP – the upstream arm of OQ Group – in the company's newly released 2024 financial report. Plans for a fourth LNG train, first announced by the Omani government last July, centre on the development of a 3.8 million metric tonnes per annum (MMTA) capacity plant that will boost the overall capacity of the LNG complex at Sur to around 15.2 MMTA. A Final Investment Decision (FID) is however contingent on securing new uncommitted gas feedstock, as well as long-term offtake commitments for the additional LNG output. US-based global engineering technology giant KBR is currently undertaking the front-end engineering design (FEED) contract for the 4th LNG train project, The contract award also entails the expansion of utilities, an LNG tank, the jetty, and associated infrastructure. If green-lighted for implementation, it is targeted for commissioning only in 2028. Gas output from Block 61, with its Khazzan and Ghazeer tight-gas reservoirs, averages around 1.5 billion cubic feet (bcf) per day. Together with its condensate output, the Block contributed about 40 per cent of OQEP's working interest production in 2024, helping the company achieve its production target for the year. Block 61 is part of OQEP's sizable portfolio of 14 upstream oil and gas assets in the Sultanate of Oman. BP as operator owns a 40 per cent working interest, with PTTEP (20 per cent) and Petronas (10 per cent) as partners as well. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
