Latest news with #Hazarnebit
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
The Sun
15-05-2025
- Business
- The Sun
Petronas, partners sign new PSC for Turkmenistan gas block
PETALING JAYA: National oil company Petroliam Nasional Bhd (Petronas), Abu Dhabi-based energy investment company XRG, Turkmenistan state enterprise Hazarnebit and the national oil company of Turkmenistan, state concern Turkmennebit, have signed a new production sharing contract for the Block 1 gas and condensate fields in Turkmenistan. 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.
New Straits Times
14-05-2025
- Business
- New Straits Times
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.
Gulf Business
14-05-2025
- Business
- Gulf Business
ADNOC's XRG, PETRONAS partner in major gas expansion deal in Turkmenistan
Image: ADNOC/ For illustrative purposes UAE-based energy company XRG has entered into a strategic partnership with Malaysia's PETRONAS and Turkmenistan's Hazarnebit through a newly signed Production Sharing Contract with State Concern Turkmennebit, expanding its natural gas portfolio in Central Asia. The agreement grants XRG a 38 per cent participating interest in the offshore 'Block I' gas and condensate fields located in Turkmenistan's Caspian Sea region. PETRONAS will serve as operator and majority stakeholder with 57 per cent, while the remaining 5 per cent will be held by Hazarnebit. Read: Another deal signed As part of the deal, XRG and PETRONAS also signed a long-term gas sales agreement (GSA) with State Concern Turkmengas, providing structured offtake and strengthening the commercial framework of the development. Block I currently produces approximately 400 million cubic feet of gas per day, and holds over seven trillion cubic feet of natural gas resources, offering significant expansion opportunities amid surging global demand for natural gas. 'This agreement marks an important milestone in XRG's global growth strategy and builds on the strengthening relationship between the UAE and Turkmenistan,' said Mohamed Al Aryani, president, International Gas, XRG: A strategic focus on gas, chemicals, and low-carbon energy solutions The deal aligns with XRG's strategic focus on gas, chemicals, and low-carbon energy solutions, and further establishes its international footprint in energy assets with long-term growth potential. PETRONAS, a pioneer in Turkmenistan's energy sector since the 1990s, described the new agreement as a continuation of its upstream expansion. 'This milestone reinforces our presence and signifies our continued expansion in the upstream sector,' said M Jukris Abdul Wahab, EVP and CEO Upstream PETRONAS. 'We are privileged to contribute to the ongoing advancement of the nation's energy industry.' The partnership underscores a broader push by regional players to boost natural gas production and supply reliability, amid a shifting global energy landscape and ongoing efforts to enhance energy security.
Zawya
14-05-2025
- Business
- Zawya
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.
