Petronas, XRG, State Enterprise Hazarnebit and State Concern Turkmennebit have signed a new production sharing contract for the Block I gas and condensate fields in the Caspian Sea, Turkmenistan, Petronas announced on Wednesday.
Petronas will hold a 57% participating interest and operate the field, while XRG will take 38% and Hazarnebit the remaining 5%. A long-term gas sales agreement was also signed with State Concern Turkmengas.
“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,” said Mohamed Al Aryani, XRG president of International Gas.
Petronas has been present in Turkmenistan since 1996 and currently operates Block I and the Gas Treatment Plant and Onshore Gas Terminal in Kiyanly.
Petronas, XRG, State Enterprise Hazarnebit and State Concern Turkmennebit have signed a new production sharing contract for the Block I gas and condensate fields in the Caspian Sea, Turkmenistan, Petronas announced on Wednesday.
Petronas will hold a 57% participating interest and operate the field, while XRG will take 38% and Hazarnebit the remaining 5%. A long-term gas sales agreement was also signed with State Concern Turkmengas.
“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,” said Mohamed Al Aryani, XRG president of International Gas.
Petronas has been present in Turkmenistan since 1996 and currently operates Block I and the Gas Treatment Plant and Onshore Gas Terminal in Kiyanly.
Source: Theenergyyear.com