WNAM MONITORING: PETRONAS has extended its production sharing agreement with the Government of Turkmenistan for another 25 years, until 2050, PETRONAS Stakeholder Relations Director Albert Mekhtiyev said at the Oil and Gas of Turkmenistan 2025 International Conference in Ashgabat.
The company’s main priority remains the development of Block 1 on the Turkmen shelf of the Caspian Sea, where PETRONAS works jointly with partner XRG ADNOC.
According to Mekhtiyev, the parties are in the active development phase of the fields and will focus on increasing production over the next five years. He added that PETRONAS is also considering participation in other projects on Turkmenistan’s Caspian shelf.
The company is open to new areas of cooperation, including the development of the petrochemical industry and other joint initiatives.
