Abu Dhabi’s XRG has finalized a deal to partner with Malaysia’s Petronas in Turkmenistan’s upstream sector. In a 14 May announcement, XRG stated that the two firms have signed a production sharing contract (PSC) with Turkmenistan’s state firm Türkmennebit for the Block I offshore asset. The partners also signed a long-term gas sales agreement with Türkmengaz.
XRG is the international arm of Abu Dhabi energy giant Adnoc, which was formed late last year with an enterprise value of $80bn (MEES, 29 November 2024). ‘International Gas’ is one of XRG’s three pillars, and the firm now has upstream assets in four countries. It last year finalized the formation of an Egypt-focused JV with BP named Arcius Energy (MEES, 20 December 2024), to go alongside its 30% stake in the 1.46bcm/year Absheron field in Azerbaijan. As with Turkmenistan’s Block I, Absheron is located in the Caspian Sea. In March it completed the acquisition of a 10% stake in Mozambique’s Area 4 concession in the Rovuma basin (MEES, 28 March). (CONTINUED - 666 WORDS)
