Turkmenistan intends to conclude new PSA with Petronas Charigali

Oil&Gas Materials 11 July 2011 13:57 (UTC +04:00)

Turkmenistan, Ashgabat, July 11 / Trend H. Hasanov /

Turkmenistan intends to conclude a new production sharing agreement (PSA) with the Malaysian Petronas Charigali Company, an official Turkmen source reported.

This company has been represented in the local market since 1996. It works in the Turkmen sector of the Caspian Sea.

The PSA is expected to be signed in the first half in July 2011 during Malaysian Prime Minister Najib Razak's visit. He will attend the opening ceremony of the large infrastructure facility. The construction contractor is a Malaysian company.

Petronas began industrial production and export of oil in Turkmenistan in May 2006. The route used for oil transportation is through Iran and Azerbaijan.

The contract area includes the fields Diyarbekir, Magtimguli, Ovez, Mashrikov, and Garagol Deniz. The area of the contract area is about 1,467 sq km.