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.
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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.
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