Petronas Çarigali (Türkmenistan) Sdn. Bhd will begin developing license blocks in the Turkmen sector of the Caspian Sea. Turkmen President Serdar Berdimuhamedov signed a decree authorizing the state-owned concern “Türkmennebit” to enter into the corresponding agreement, the State News Agency of Turkmenistan reported.

"The “Türkmennebit” State Concern has been authorized to enter into an agreement to develop licensed blocks in the Turkmen sector of the Caspian Sea between the “Türkmennebit” State Concern, the Malaysian company Petronas Çarigali (Türkmenistan) Sdn. Bhd, and the concern's state-owned enterprise Hazarnebit," the statement reads.

The resolution was adopted in accordance with the Law of Turkmenistan "On Hydrocarbon Resources" in order to effectively develop Caspian fields and fulfill the objectives set for the country's oil and gas industry.