Ashgabat: PETRONAS, XRG, State Enterprise Hazarnebit, and State Concern Turkmennebit have signed a new Production Sharing Contract (PSC) for the Block I gas and condensate fields in Turkmenistan. As part of the transaction, a long-term Gas Sales Agreement (GSA) was also signed with State Concern Turkmengas.

According to BERNAMA News Agency, under the terms of the PSC, PETRONAS will hold a 57% participating interest as the operator. XRG will participate with a 38% stake, while the State Enterprise Hazarnebit will hold the remaining 5% interest.

The agreement marks a significant collaboration between international and local entities aimed at harnessing Turkmenistan’s gas resources. The GSA with State Concern Turkmengas is expected to facilitate the long-term supply and distribution of gas from these fields, further enhancing the region’s energy output.