Petronas Carigali Turkmenistan plans to accelerate exploration and development in its offshore blocks, aiming to bring new oil discoveries into production within four years of starting exploration, the company’s CEO, Ismadi Ismail, said at the 31st International Conference and Exhibition “Oil and Gas of Turkmenistan” (OGT 2026) in Ashgabat.
The company plans to drill at least three exploration wells in Blocks 19 and 20, beginning in December 2026 and continuing until mid-2027. If there is any new good news by first quarter next year, we should be ready to expedite with the development of this particular exploration blocks, Ismail said.
“We signed the PSC in June, and we never thought that we could do the well by December. That’s how fast we want to move so that we could deliver the value expected from this exploration asset,” he said.
Petronas is targeting a maximum of four years from the exploration phase to first oil, a goal that requires a change in mindset and a more streamlined approach to project development, Ismail added.
The company is exploring ways to fast-track development in cooperation with the government of Turkmenistan and potentially other offshore operators. Blocks 19 and 20 are located near Dragon Oil’s Cheleken offshore assets, creating opportunities for collaboration on logistics and safety, as well as the possible sharing of infrastructure.
“We are looking at a fast-track development concept, working together with the government and maybe some of the other offshore operators within the country, maybe with Dragon Oil, for example, because Blocks 19 and 20 are very near to the Cheleken asset,” Ismail said.
He added that discussions with the government were under way to identify the best way to develop the new blocks and bring their resources into production as quickly as possible.
Technology is expected to play an important role in this process. Ismail highlighted the potential of artificial intelligence, advanced reservoir modelling and lightweight offshore structures to accelerate exploration and prepare discoveries for development. He also stressed that the speed of project delivery must not come at the expense of personnel safety.
Block 1 remains a core producing asset
Alongside its new exploration activities, Petronas is working to sustain and expand production from Block 1, its principal asset in Turkmenistan.
The block holds an estimated 7 trillion cubic feet (TCF) of remaining gas resources and more than 200 million barrels of oil and liquid hydrocarbons, Ismail said.
According to Ismail, current production capacity exceeds 100 million standard cubic feet of gas per day, alongside nearly 30,000 barrels of liquid hydrocarbons.
Petronas signed a new PSC for Block 1 last year with partners Eni and Hazarnebit.
The speaker announced that the company is advancing at least two potential greenfield developments — one focused on gas and the other on oil — to unlock more of the block’s remaining resources.
The company is committed to supplying 5 billion cubic metres of gas annually under a new gas sales agreement signed in 2025. Sustaining this commitment will require monetizing the remaining potential, in the block, Ismail said.
Ismail said the company’s expanding exploration and development programme could create new opportunities for international service providers, technology companies and other energy-sector partners.
A broader exploration portfolio
Petronas is also pursuing opportunities in Blocks 11, 12, 13 and 14, for which two designated agreements have been signed, Ismail said.
Together, the company’s activities across its existing and new offshore assets point to a broader programme aimed at increasing production, accelerating project delivery and attracting additional investment and expertise to Turkmenistan’s oil and gas sector.
With more than 20 years of operations in the country, Petronas is seeking to combine its established production base with new exploration opportunities and closer cooperation across the offshore industry to bring additional resources to market. ///nCa, 22 October 2026