Eni Strengthens Presence in Turkmenistan

Eni signed an addendum to the Production Sharing Agreement to extend to 2032 the duration of its contract to explore and produce oil and gas in the onshore Nebit Dag Area in West Turkmenistan. 

Eni will transfer 10% stake in the PSA to Turkmenneft, keeping the remaining 90%.

‘This agreement will enable further E&P investments in Burun and other satellite fields of the Nebit Dag block,’ read the Eni note released on Tuesday. 

Additionally, Eni and the Turkmen State Agency for Management and Use of Hydrocarbon Resources signed a Memorandum to increase cooperation in Turkmenistan’s offshore sector of the Caspian Sea.  

Turkmenistan has the world’s fourth-largest natural gas reserves and exports billions of dollars worth of gas every year.