Malaysia’s Petronas Charigali has signed a memorandum of understanding on long-term cooperation with the State Agency for the Management and Use of Hydrocarbon Resources under the president of Turkmenistan, a company representative told Trend.
The signing ceremony took place on June 10, in Ashgabat, during the official visit of Malaysia’s Prime Minister Mohd Najib bin Abdul Razak to Turkmenistan.
Petronas Charigali started operating in the Turkmen sector of the Caspian Sean in 1996, in accordance with a production sharing agreement. The contract area of nearly 1,467 square kilometers includes the fields of Diyarbakir, Magtymguly, Ovez, Mashrykov and Garagol-Deniz.
The explored reserves of these fields is at least one trillion cubic meters of gas, over 200 million tonnes of oil and 300 million tonnes of gas condensates. Since the beginning of the project implementation, the company has drilled nearly 30 exploration wells, appraisal and production wells on the contact area.
The commercial production and export of oil began in May 2006. The current oil transportation route runs through Azerbaijan. The annual oil production exceeds one million tonnes.
The company expressed readiness to start the commercial production of natural gas in July 2011. A gas processing plant and a gas terminal were put into operation on the seashore with this purpose.
