PETRONAS Carigali (Turkmenistan) Sdn Bhd

PETRONAS Carigali (Turkmenistan) Sdn Bhd was founded circa 1996 after PETRONAS has been awarded with Block 1 waters, Turkmenistan. In July 1996, Petronas and the government of Turkmenistan signed a 25-year Production Sharing Agreement for the exploration, development and production of offshore Block 1, including the Garagel-Deniz (Gubkin), Deyarbekir (Barinov) and Magtymguly (East Livanov) fields.[i] Block 1 is located approximately 80 km southwest of Turkmenbashi.[ii] This was the first PSA to be awarded by the government of Turkmenistan. That same year, the government of Turkmenistan announced that Petronas planned to invest more than $210 million in its operations. By 2002, Petronas had successfully drilled and tested four wells, indicating vast oil and gas reserves at a high rate of flow. In October 2003, Petronas signed a Memorandum of Understanding with Dragon Oil to explore possible areas for collaboration, including gas development, transmission, marketing and sales of gas,...