Guvanch Agajanov, Chairman of the Turkmennebit State Concern, spoke at the session "Commodities for the Energy Transition: New Horizons for Investment" at the OGT 2025 International Conference. In his speech, he expressed Turkmenistan's readiness to expand international partnerships and attract investors to develop the rich hydrocarbon resources of the Caspian shelf.
Emphasizing that Turkmenistan's total hydrocarbon reserves amount to over 71 billion tons of oil equivalent, Agajanov identified the development of licensed blocks in the Turkmen sector of the Caspian Sea as a key investment area. The Chairman of Turkmenistan recalled that in May 2025, a new Production Sharing Agreement (PSA) for Block 1 was signed between Turkmenistan, Petronas Carigali, and ADNOC (XRG). This agreement marked a new stage in the development of cooperation in the offshore sector and confirmed the country's openness to global investors with advanced technologies.
"Today, Turkmenistan invites new partners to develop offshore resources," Agajanov noted. Among the attractive conditions for foreign investors, the speaker highlighted: updated geological and geophysical data for priority blocks, a transparent legislative and contractual framework, and simplified tax and customs regulations for long-term investments.
The head of Turkmenistan emphasized that Turkmenistan is actively modernizing its oil refining and petrochemical industries, striving for diversification and the production of high-value-added products. The Turkmenbashi Oil Refinery Complex has undergone a large-scale modernization, enabling it to produce a wide range of fuels, lubricants, polypropylene, and bitumen for the domestic market and export. Plans are underway to build a new petrochemical complex, which will expand the production of polymers and chemical feedstocks, which are a critical component of the global clean energy supply chain.
To improve operational efficiency, Turkmennebit is actively implementing digitalization and artificial intelligence (AI), which is becoming a key tool for improving safety, reducing operating costs, and minimizing downtime. The introduction of intelligent wells and digital modeling significantly increases the efficiency of geological exploration, drilling, field development, and oil refining. "The future of hydrocarbon energy must be not only productive but also responsible, ensuring cleaner, smarter, and more sustainable production," the chairman of the concern concluded, confirming that Turkmenistan is open to cooperation with international investors, technology companies, and financial institutions in the areas of offshore projects, petrochemicals, and clean energy.
Source: "Nebit-Gaz" newspaper
