ASHGABAT, Turkmenistan, Oct. 28
By Huseyn Hasanov – Trend:
The Turkmen government considers extending the production sharing agreement with Malaysian oil and gas company Petronas until 2038, Trend reports referring to Malaysia’s media outlets.
Malaysian Prime Minister Mahathir Bin Mohamad said that the wish was expressed by Turkmen President Gurbanguly Berdimuhamedov at the recent meeting between the two leaders.
“I discussed the matter with the Turkmen president and he welcomed the role of Petronas in Turkmenistan,” Mohamad added. “He expressed his wish that Petronas continue to be active here and he mentioned a further 10-year extension.”
Petronas has been exploring and producing hydrocarbons on the Block-I contract area since 1996 and the company's investments totaled about $11 billion. Presently, oil and gas are intensively produced at the Magtymguly and Diyarbekir fields. The drilling operations are planned to be intensified in the western part of Garagol Deniz field soon.
The previous Production Sharing Agreement (PSA) was concluded in accordance with the Turkmen law "On hydrocarbon resources".