PETRONAS has extended its production sharing agreement with the Government of Turkmenistan for 25 years, until 2050, according to Albert Mehtiev, Chief Stakeholders Management, at the ‘Oil and Gas of Turkmenistan – 2025’ conference, reports the online publication ‘Business Turkmenistan’.

PETRONAS' main focus is the development of Block 1 on the Turkmen shelf of the Caspian Sea in partnership with XRG ADNOC. Over the next five years, the company will focus on increasing production and is considering participation in other projects in the region.

PETRONAS is also open to new forms of cooperation, including the development of petrochemicals and other joint initiatives. Earlier, ‘PETRONAS Carigali (Turkmenistan) Sdn Bhd’ announced plans to monetise hydrocarbons from Block 1.