ASHGABAT, Turkmenistan, October 31. PETRONAS has extended its production sharing agreement (PSA) with the government of Turkmenistan for another 25 years, until 2050, Head of Stakeholders Management and Administration for PETRONAS Carigali (Turkmenistan), Albert Mehtiev told Trend.
He made the remark on the sidelines of the International Conference and Exhibition "Oil and Gas of Turkmenistan - 2025."
According to him, the priority area for the company remains the development of Block 1 on the Turkmen shelf of the Caspian Sea, where PETRONAS continues to actively work with its partner, XRG ADNOC.
"We are already in the phase of active development of fields in Block 1 and will focus our efforts on increasing production over the next five years. At the same time, we are considering opportunities to participate in other projects in the Turkmen section of the Caspian Sea," he explained.
The company representative emphasized that PETRONAS is open to new areas of cooperation, including the development of the petrochemical industry and other joint initiatives.
Mehtiev also noted positive changes in the country's investment climate.
"We see that Turkmenistan is becoming more open every year, attracting more and more international companies, especially in the oil and gas sector. The presence of new players creates additional opportunities for all parties," he added.