Qualampur: Malaysia’s National Oil and Gas Company, Petroleum Nasal BHD (Petronas) has taken a stake in an offshore natural gas block in Turkmenistan.
Today, in a statement, Petronas announced that it has signed a new production sharing contract (PSC) with UAE-based energy company XRG, Turkmenistan oil and gas companies, State Enterprise Hedgeenbits and State Consign Turkmenbit, for blocks and condensate fields in Turkmenistan.
Under the conditions of the PSC, 57 percent of the Petronas operator will participate with XRG (38 percent) in the interest, while the state venture will organize the remaining five percent.
As part of the transaction, a long-term gas sales agreement was also signed with the National Gas Company Turkmenistan, the state concern Turkamgas.
Block I located in the Caspian Sea, currently produces about 400 million standard cubic feet natural gas per day.
Mohammad Jukeris Abdul Wahab, Executive Vice President of Petronas and Chief Executive Officer of Upstream, said that as the first international operator in Turkmenistan’s energy sector three decades ago, the milestone strengthens his presence and reflects his continuous expansion in the upstream field.
“We are privileged to contribute to the ongoing progress of the country’s energy industry and are committed to promoting long -term partnership with XRG, Hazarnebit, Turkmennebit and Turkmengas,” he said.
Meanwhile, the XRG President of International Gas, Mohammad Al Aryani, said that by deepening his partnership with Petronas, Turkmenbit and Turkamgas, they are pursuing energy security and economic growth by creating long -term values for all stakeholders.
“The agreement is an important milestone in the Global Development Strategy of XRG and creates a strong relationship between the United Arab Emirates (UAE) and Turkmenistan.
He said, “This strengthens the presence of XRG 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 developed needs,” he said.
