President of Turkmenistan Serdar Berdimuhamedov has signed a decree authorizing the state concerns "Turkmengaz" and "Turkmennebit" to conclude contracts with “Petronas Çarigali (Türkmenistan) Sdn. Bhd.” (Malaysia) and “ADNOC Turkmenistan RSC Limited” (UAE). According to TDH, the document aims to ensure the successful implementation of objectives set for the country’s oil and gas sector.

As previously reported, the signed agreements pertain to a new production sharing contract for gas condensate fields located in Block No. 1 of Turkmenistan’s sector of the Caspian Sea. The documents provide for the development and exploitation of new oil and gas fields within the Turkmen shelf of the Caspian.

The contracts also include provisions for the purchase and sale of natural gas and regulate the procedure for the development of additional oil fields in Turkmenistan’s Caspian sector.