The head of the Petronas (Malaysia) group of companies Datuk Wan Zulkiflee Wan Ariffin submitted new offers on cooperation in the fuel and energy sector to Turkmen President Gurbanguly Berdimuhamedov, the Turkmen government said.
Petronas became the first foreign company which began developing the Turkmen shelf of the Caspian Sea according to the 25-year Production Sharing Agreement (PSA) in the Block 1 Contract Area signed in 1996.
The businessman expressed his company’s interest in continuing the constructive business partnership and active participation in the economic projects of the national and international importance initiated by Turkmenistan.
The predictions about the increase in industrial oil and gas production volumes, as well as the issues related to the development of the abundant oil fields in the Turkmen sector of the Caspian Sea and further improvement of the infrastructure for the national economy were discussed.
The total area of the contract territory is about 1,467 square kilometers, which includes Diyarbakir, Magtymguly, Ovez, Mashrykov and Garagol Deniz fields, included in the Block 1 contract area.
The explored reserves reach at least one trillion cubic meters of gas, more than 200 million tons of oil and 300 million tons of gas condensate.
