XRG expands into Turkmenistan: Adnoc’s low-carbon investment unit XRG, Malaysia’s Petronas, and Turkmenistan’s state entities have signed a new production sharing contract (PSC) for Turkmenistan’s Block I gas and condensate fields in the Caspian Sea, alongside a long-term gas sales agreement with Turkmengas, Petronas said in a statement.

The agreement: Petronas will operate the block with a 57% stake, while XRG, recently cleared for a EUR 14.7 bn Covestro takeover, will hold 38% and Hazarnebit 5%. The concession currently produces 400 mn cubic feet per day of natural gas and holds over 7 tn cubic feet of resources, with the potential for expansion.

XRG and Petronas also signed a long-term Gas Sales Agreement (GSA) with State Concern Turkmengas as part of the transaction, the statement said.

REMEMBER- We recently reported that XRG — Adnoc’s USD 80 bn low-carbon investment arm — will soon begin to deploy capital — including in the US — after fine-tuning its internal strategy. It is already close to securing a 91.3% stake in Covestro after EU antitrust regulators gave it the all-clear, and is eyeing bns of investments in the US’ energy sector, including through USD 9 bn worth of acquisitions of natural gas assets.

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