Azernews.Az

Malaysian state oil company Petronas is ready to expand into the Turkmen market, the local media reported on Friday on the results of a recent visit by Turkmen President Gurbanguly Berdymukhammedov to the country.

Berdymukhammedov met with Petronas president Dato’ Shamsul Azhar Abbas in Kuala Lumpur, the Neutral Turkmenistan newspaper said.

Abbas praised Turkmenistan's potential key economic sectors which incorporate international relations.

The interest of one of the largest energy companies in the world, Petronas, to further expand its partnership with Turkmenistan in the oil and gas industry was emphasized at the meeting.

The Turkmen president was quoted by state news service The Turkmen Dovlet Khabarlary as saying about the negotiations: "Turkmenistan, which is one of the biggest energy suppliers, aimed at strengthening international cooperation including with its traditional partners, such as Petronas."

Petronas has become the first foreign company to develop the hydrocarbon fields in the Turkmen Caspian shelf under a production sharing agreement signed in 1996.

Over 20 exploration and appraisal wells have been drilled as part of the project, and during the development of such fields as Makhtumkuli Diyarbekir Garagol and Denise considerable hydrocarbon reserves have been discovered.

The total amount of oil production has exceeded 1.5 million tons since 2006, when the Diyarbekir field was commissioned.

Commercial production of natural gas on the Turkmen shelf of the Caspian began this summer. A gas refinery and a land terminal were put into operation near the village of Kiyanly in July 2011. Initial capacity of the complex is 5 billion cubic meters of natural gas and 2.4 million tons of gas condensate per year.

Petronas has invested over $5.6 billion in the development of offshore fields in the Turkmen sector of Caspian Sea.