XRG, a subsidiary of Abu Dhabi National Oil Company (ADNOC), Petronas and the Turkmenistan State Enterprise Hazarnebit have signed a new Production Sharing Contract…
XRG, a subsidiary of Abu Dhabi National Oil Company (ADNOC), 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.
Under the terms of the PSC, Petronas will hold 57% participating interest as owner and operator, partnering with XRG with 38%, and the Turkmenistan State Enterprise Hazarnebit holding the remaining 5%.
As part of the transaction, XRG and PETRONAS signed a long-term Gas Sales Agreement (GSA) with State Concern Turkmengas.
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.
"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
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