PETRONAS Carigali has strengthened its upstream presence in Turkmenistan by signing a Production Sharing Agreement (PSA) for offshore Blocks 19 and 20 in the Turkmen sector of the Caspian Sea, securing a 100% participating interest in the new exploration acreage.
The company also signed a cooperation agreement to conduct 2D seismic surveys across the Northern Offshore Blocks to improve geological data and support a more comprehensive assessment of the region’s hydrocarbon potential.
In a parallel development, the governments of Malaysia and Turkmenistan signed a framework agreement to enhance long-term cooperation in the development of Turkmenistan’s hydrocarbon resources. The partnership could eventually be expanded to include the development of the country’s giant Galkynysh gas field.
The agreements reinforce PETRONAS’ strategy to expand its international upstream portfolio while supporting Turkmenistan’s efforts to unlock additional offshore oil and gas resources in the Caspian Sea.
