Petronas discussing with Turkmenistan new projects in Caspian Sea

Ashgabat, Turkmenistan, Feb. 11

By Huseyn Hasanov – Trend:

The oil and gas company Petronas from Malaysia presented a number of proposals for further cooperation to its partners in Turkmenistan, Trend reports with reference to the Turkmenistan State News Agency.

The company’s Vice President and Chief Executive Officer Mohd Anuar Bin Taib arrived in Ashgabat for talks.

“The richest Turkmen oil and gas fields offer great opportunities for investments and productive cooperation,” he said at the talks with top managers of the Turkmen fuel and energy complex.

He noted that Petronas is ready to continue providing advanced, highly efficient technologies in the field of exploration and development of hard-to-reach deposits on land and in the Turkmen sector of the Caspian Sea.

Representatives of the company raised the issue of possible extension of agreements with Turkmenistan and also expressed interest in the partnership in the field of petrochemistry.

The development of gas processing industry is one of the important areas of cooperation between Turkmenistan and foreign investors. In the near future, projects are planned to be implemented in the country to create capacities for the production of linear low-density polyethylene, polypropylene, polyvinyl acetate, polyvinyl chloride, methanol, liquid chlorine and sodium sulfate.

Petronas has been operating in Turkmenistan for more than 22 years on the basis of a 26-year production sharing agreement of the shelf Block-1 in the Caspian Sea. During this period, Petronas has invested about $10.7 billion in the exploration, gas field’s development and gas production in this territory located 80 kilometers south-west of Turkmenbashi city.

The average daily production of gas condensate there is more than 3,500 tons, and the company plans to increase the volume to 4,129 tons in 2019.

Petronas conducted seismic surveys, drilled several dozens of exploration, appraisal and exploitation wells. The company also prepared fields in the Turkmen sector of the Caspian Sea for operation.

Production and export of oil began in May 2006. The current oil transportation route passes through Azerbaijan.

Gas production became available in 2011. A gas processing plant and a gas terminal were commissioned in the vicinity of the Kyyanly settlement. Presently, there is possibility to provide CAC-3 (Central Asia-Center) gas pipeline, passing through Russia, with gas.

The company installed equipment that allows producing gas in a volume of more than 5 billion cubic meters per year and oil in a volume of 35,000-40,000 barrels per day.

The unrealized Caspian Gas Pipeline, meant to run along the Caspian coast to Russia through Kazakhstan, could bring back the traditionally strong positions of Russia's Gazprom JSC in the region, and the Trans-Caspian Gas Pipeline, meant to run to Europe through Azerbaijan and Turkey, could also count on gas from the Caspian Sea. These projects could also allow Turkmenistan to diversify energy routes.

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