Malaysian Petronas ready to expand activity in Turkmenistan
Ashgabat, Turkmenistan, Aug. 15
By Huseyn Hasanov – Trend:
Malaysian Petronas company expressed readiness to continue providing highly effective technologies in the field of exploration and development of hard-to-recover deposits onshore and offshore in the Turkmen sector of the Caspian Sea, Trend reports referring to Neutral Turkmenistan newspaper.
"The company considers the partnership in the field of petrochemistry aimed at the production of high-quality export-oriented products to be one of the important spheres of further cooperation with Turkmenistan," Ruslan bin Abdul Gani, chief executive officer of Petronas company in Turkmenistan, said.
“The richest Turkmen oil and gas fields open up great opportunities for investments and productive cooperation,” he added.
Petronas was the very first company which made investments in Turkmenistan.
Petronas has invested $11 billion in exploration, field development and gas production on the offshore Block-1 in the Caspian Sea since the beginning of its activity in 1996.
The total area of the Block 1 contract territory is about 1,467 square kilometers. It includes Diyarbekir, Magtymguly, Ovez, Mashrykov and Garagol Deniz fields. The proven reserves reach at least 1 trillion cubic meters of gas, more than 200 million tons of oil and 300 million tons of gas condensate.
The company began to produce crude oil in 2006, natural gas in 2011. The current oil transportation route passes through Azerbaijan.
The company installed equipment that allows producing gas in a volume of more than five billion cubic meters per year and oil in a volume of 35,000-40,000 barrels per day.