WNAM MONITORING: PETRONAS Carigali (Turkmenistan) Sdn Bhd announced major plans to monetize hydrocarbons in Block 1 of the Turkmen sector of the Caspian Sea. The statement was made by the company’s Chief Executive Officer, Ismadi Bin Ismail, during the session “Raw Materials as a Basis for Energy Transition” at the Turkmenistan Oil and Gas 2025 International Conference in Ashgabat.
Ismadi Bin Ismail noted that Block 1 has a significant resource base, including 7 trillion cubic feet (TCF) of gas and around 200 million barrels (MMbbl) of liquid hydrocarbons. He emphasized the need for investment and monetization of these volumes. The company is already actively developing the West Diyarbakir field within Block 1 and plans to develop additional fields in the future.
The CEO highlighted three strategic priorities for effective monetization: gas monetization, reducing the investment payback period, and ensuring greater benefits for Turkmenistan from the project. He called on service providers to cooperate, stating that PETRONAS is open to proposals that support these objectives.
The company also expressed high expectations for signing a new 25-year Production Sharing Agreement (PSA) covering 2025–2050, which is expected to bring significant benefits to Block 1.
PETRONAS has also shown interest in exploring other blocks in the Caspian. In September, it was reported that over 29 years of operations in Turkmenistan, PETRONAS invested $11.64 billion in oil and gas projects, producing a cumulative 134.43 million barrels of liquid hydrocarbons and 1,568.55 billion standard cubic feet of gas.
