ADNOC’s XRG Takes Stake in Offshore Gas Block in Turkmenistan

XRG, the newly created energy investment firm of Abu Dhabi’s national oil company ADNOC, has taken a 38% stake in a production sharing contract for an offshore block of gas and condensate fields in Turkmenistan. XRG, Malaysia’s state energy firm Petronas, and Turkmenistan’s state firm Hazarnebit have signed a new Production Sharing Contract (PSC) with state company Turkmennebit for the offshore Block I gas and condensate fields. As part of the transaction, XRG and Petronas signed a long-term gas sales agreement (GSA) with Turkmengas.…