Ashgabat, Turkmenistan, Aug. 23
By Huseyn Hasanov – Trend:
Malaysia’s Petronas company and UAE’s Dragon Oil company are holding negotiations with Turkmenistan to extend the existing agreements by submitting a number of commercial proposals, Trend reports referring to Turkmen Oil State Concern.
The agreements were concluded earlier in accordance with the Turkmen law "On hydrocarbon resources".
Petronas explores and produces hydrocarbons in the Block-I contract area, with investments worth about $11 billion.
Oil and gas are intensively produced at Magtymguly and Diyarbakir fields. The immediate plans include intensification of drilling operations in the western part of the Garagol Deniz field.
Dragon oil is developing Jeytun and Jygalybeg fields, which are part of the Cheleken contract area.
Much work has been carried out to modernize and develop the marine infrastructure and more than $6.6 billion have been invested. Great prospects are connected with the fields of the Turkmen sector of the Caspian Sea with resources of 12.1 billion tons of oil and condensate, and 6.1 trillion cubic meters of gas.
There are Production Sharing Agreements (PSAs) on a number of offshore blocks in Turkmenistan with Buried Hill (Cyprus) and ARETI (with headquarters in Switzerland).
The cooperation has been established with Italy’s Eni company (Nebitdag contractual territory) and Austria’s Mitro International Limited (Khazar consortium), which is also working in the Caspian Sea.