Petronas has signed a new production-sharing contract (PSC) with state concern Turkmennebit for the block 1 gas and condensate fields in the Caspian Sea offshore Turkmenistan.
Under the transaction, the company and its partners also signed a long-term gas sales agreement with state concern Turkmengas.
Petronas will have a 57% operated interest in the PSC, with XRG – formed by ADNOC last November – holding 38% and State Enterprise Hazarnebit the remaining 5%.
Currently the concession produces around 400 MMcf/d of gas, with over 7 tcf of proven resources providing the potential for future increases in production capacity.
Petronas, which has had a presence in Turkmenistan since 1996, also operates the gas treatment plant and onshore gas terminal in Kiyanly.
