Abu Dhabi National Oil Co. (ADNOC) has acquired a 38 percent stake in the Block I gas and condensate fields on Turkmenistan’s side of the Caspian Sea, which are operated by Petroliam Nasional Bhd. (Petronas).
Malaysia’s national oil and gas company Petronas signed a new production sharing contract with ADNOC investment firm XRG and State Enterprise Hazarnebit. Petronas will retain a 57 percent stake, while the local partner will own the remaining five percent.
Block I currently produces about 400 million cubic feet a day of natural gas, according to Petronas. “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 company said in an online statement.
Petronas last announced a start-up in Block I in 2021 with the Garagol Deniz West project. The development started oil production at 6,000 barrels a day through the unmanned Garagol Deniz drilling platform, connected to the Petronas-operated Gas Treatment Plant Onshore Gas Terminal.
“The collaboration supports Turkmenistan’s efforts to ensure energy supply stability and export diversification while delivering sustainable growth and economic value to all parties, amid rising regional and global demand for natural gas”, Petronas added.
As part of the transaction Petronas and XRG signed a “long-term” gas sales agreement with State Concern Turkmengas.
“As the first international operator in Turkmenistan’s energy sector close to three decades ago, this milestone reinforces our presence and signifies our continued expansion in the Upstream sector”, commented Mohd Jukris Abdul Wahab, Petronas executive vice president and chief executive for upstream.
XRG president for international gas Mohamed Al Aryani said, “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”.
XRG launched late last year as ADNOC’s platform to expand the United Arab Emirates’ share of the global chemical, low-carbon energy and natural gas markets. It was announced with an enterprise value of over $80 billion.
XRG “will build a world-scale integrated gas portfolio to help meet the anticipated 15 percent increase in global natural gas demand over the next decade, as a lower carbon transition fuel, as well as meet the expected 65 percent increase in demand for LNG by 2050”, ADNOC said in a press release November 27, 2024.
To contact the author, email jov.onsat@rigzone.com
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