BAKU, Azerbaijan, June 18. Turkmenistan has
authorized an agreement with PETRONAS on the development of
licensed blocks in the country's sector of the Caspian Sea.
This was reported by the press service of the Turkmen government
in a press release published on June 18.
"President of Turkmenistan signed a resolution authorizing the
State Concern Turkmennebit to conclude an agreement on the
development of licensed blocks in the Turkmen sector of the Caspian
Sea," the report says.
According to the document, the agreement will be signed between
Turkmennebit State Concern, PETRONAS Carigali (Turkmenistan) Sdn.
Bhd., and Hazarnebit, an enterprise of Turkmennebit.
The government said the decision was adopted to support the
implementation of objectives set for the oil and gas sector and to
ensure the efficient development of licensed offshore blocks
located in Turkmenistan's sector of the Caspian Sea.
The resolution was issued in accordance with Turkmenistan's Law
on Hydrocarbon Resources, the report outlines.
As a note, the signing of this agreement is expected by June 19,
as earlier stated by Malaysia’s Deputy Minister of Economy, Akmal
Nasrullah Mohd Nasir, during a briefing.
For reference, PETRONAS has maintained a presence in
Turkmenistan since July 1996, when it became the first foreign
company to sign a production-sharing agreement (PSA) for offshore
Block I in the Turkmen sector of the Caspian Sea. The block
includes the Magtymguly, Diyarbekir, and Garagol-Deniz fields and
remains one of the country’s key offshore energy assets. This year
also marked two decades of cooperation between Turkmenistan and
PETRONAS in the gas processing sector.
In May 2025, PETRONAS signed a new long-term agreement for Block
I, extending its operations in Turkmenistan through 2050. Under the
updated arrangement, the offshore project currently produces around
400 million cubic feet of natural gas per day and has access to
more than 7 trillion cubic feet of gas resources.
