ADNOC Acquired Stake in Petronas-operated Turkmenistan Block

SEATTLE (Oil Monster): Abu Dhabi National Oil Company (ADNOC) announced that it has acquired 38% stake in gas and condensate fields on Turkmenistan’s side of the Caspian Sea, which are operated by Malaysian state-owned oil and gas company Petronas.

According to a new production sharing agreement between State Enterprise Hazarnebit and ADNOC investment firm XRG, Petronas will have the overwhelming 57% share, with the local partner owning 5%.

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An major turning point in XRG's worldwide growth plan has been reached with the agreement. It will also be crucial in enhancing ties between Turkmenistan and the United Arab Emirates. To help meet the 15% increase in global natural gas demand over the next ten years and the 65% surge expected by 2050, XRG, incidentally, wants to develop a world-class integrated gas portfolio.

Block 1 presently produces approximately 400 million cubic feet of natural gas per day, according to Petronas. It provides substantial long-term opportunities, such as the growth of production capacity, due to its access to more over 7 trillion cubic feet of natural gas resources.

The milestone, according to Mohd Jukris Abdul Wahab, Petronas executive vice president and chief executive for upstream, confirms the company's presence and signifies its ongoing growth in the upstream industry.