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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.
The Sun
14-05-2025
- Business
- The Sun
Petronas signs new production sharing contract for Block I gas fields in Turkmenistan
KUALA LUMPUR: Malaysia's national oil and gas company, Petroliam Nasional Bhd (Petronas), has taken a stake in an offshore natural gas block in Turkmenistan. In a statement today, Petronas announced that it has signed a new production sharing contract (PSC) with UAE-based energy company XRG, Turkmenistan's oil and gas companies, State Enterprise Hazarnebit and State Concern Turkmennebit, for the Block I gas and condensate fields in Turkmenistan. Under the terms of the PSC, Petronas will hold a 57 per cent participating interest as the operator, partnering with XRG (38 per cent), while State Enterprise Hazarnebit will hold the remaining five per cent. As part of the transaction, a long-term gas sales agreement was also signed with the national gas company of Turkmenistan, State Concern Turkmengas. Block I, located in the Caspian Sea, currently produces approximately 400 million standard cubic feet of natural gas per day. Petronas executive vice president and chief executive officer of upstream, Mohd Jukris Abdul Wahab, said that as the first international operator in Turkmenistan's energy sector close to three decades ago, this milestone reinforces their presence and signifies their 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. Meanwhile, XRG President of International Gas, Mohamed Al Aryani, said that by deepening their partnership with Petronas, Turkmennebit, and Turkmengas, they are advancing energy security and economic development, while creating long-term value for all stakeholders. 'This agreement marks an important milestone in XRG's global growth strategy and builds on the strengthening relationship between the United Arab Emirates (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 added.
The Star
14-05-2025
- Business
- The Star
PETRONAS signs new PSC for Block I gas fields in Turkmenistan
KUALA LUMPUR: Malaysia's national oil and gas company, Petroliam Nasional Bhd (Petronas), has taken a stake in an offshore natural gas block in Turkmenistan. In a statement today, Petronas announced that it has signed a new production sharing contract (PSC) with UAE-based energy company XRG, Turkmenistan's oil and gas companies, State Enterprise Hazarnebit and State Concern Turkmennebit, for the Block I gas and condensate fields in Turkmenistan. Under the terms of the PSC, Petronas will hold a 57 per cent participating interest as the operator, partnering with XRG (38 per cent), while State Enterprise Hazarnebit will hold the remaining five per cent. As part of the transaction, a long-term gas sales agreement was also signed with the national gas company of Turkmenistan, State Concern Turkmengas. Block I, located in the Caspian Sea, currently produces approximately 400 million standard cubic feet of natural gas per day. Petronas executive vice president and chief executive officer of upstream, Mohd Jukris Abdul Wahab, said that as the first international operator in Turkmenistan's energy sector close to three decades ago, this milestone reinforces their presence and signifies their 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. Meanwhile, XRG President of International Gas, Mohamed Al Aryani, said that by deepening their partnership with Petronas, Turkmennebit, and Turkmengas, they are advancing energy security and economic development, while creating long-term value for all stakeholders. "This agreement marks an important milestone in XRG's global growth strategy and builds on the strengthening relationship between the United Arab Emirates (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 added. - Bernama
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.
