Commemorating Three Decades of Collaboration

The occasion coincided with the official visit of Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim to Turkmenistan, highlighting 30 years of cooperation between the two nations founded on mutual trust, shared ambitions and value creation through the energy industry. The prime minister concluded a two-day official visit to Turkmenistan on 19th June 2026. In a statement, PETRONAS said PC(T)SB had entered into new strategic agreements with State Concern Turkmennebit (Turkmennebit) and State Enterprise Hazarnebit (Hazarnebit), supporting the company’s efforts to expand its upstream activities and reinforce its presence in the Caspian Sea.

Strategic Agreements for Offshore Expansion

Production Sharing and Exploration Framework

PETRONAS stated, “The agreements comprise a production sharing agreement (PSA), covering offshore Block 19 and Block 20, as well as a cooperation agreement (CA) on 2D seismic studies for the northern offshore blocks.”

The company noted that these strategic agreements demonstrate a joint commitment to creating future opportunities, improving understanding of subsurface resources and reinforcing Turkmenistan’s role as a contributor to regional and global energy supply. The PSA was signed by PETRONAS chief operating officer and executive vice-president and chief executive officer of upstream Mohd Jukris Abdul Wahab on behalf of PC(T)SB, together with chairman of Turkmennebit Guvanch Agajanov and Hazarnebit director Esetov Amanmuhammet. The CA was signed by Mohd Jukris and Agajanov, while the ceremony was witnessed by Anwar and Turkmenistan president Serdar Berdimuhamedov.

Under the PSA, PC(T)SB will obtain a 100% participating interest in Block 19 and Block 20, providing PETRONAS with access to new exploration acreage in Turkmenistan. The CA, meanwhile, facilitates the acquisition of additional seismic data to close existing information gaps and support a more detailed assessment of the northern offshore blocks.

Broader Bilateral Cooperation Framework

At the same time, a framework agreement on long-term cooperation for the development of hydrocarbon resources of Turkmenistan was formalised between the government of Malaysia, represented by Economy Minister Akmal Nasrullah Mohd Nasir, and the government of Turkmenistan, represented by Agajanov in his role as deputy chairman of the Cabinet of ministers of Turkmenistan.

PETRONAS stated, “The agreement provides a framework for exploring broader areas of collaboration, including the potential development of the Galkynysh field, as well as opportunities across downstream and adjacent sectors such as oil refining, gas processing and gas chemicals.”

Mohd Jukris said the strategic agreements underscore PETRONAS’ confidence in the future potential of Turkmenistan’s energy industry and the value of long-term partnerships built on technical cooperation and mutual respect.

“We want to express our gratitude to Prime Minister Datuk Seri Anwar Ibrahim, President Serdar Berdimuhamedov and the national leader of the Turkmen people, Gurbanguly Berdimuhamedov, for their support to PETRONAS’ operations, and their leadership that has brought this Malaysia-Turkmenistan relationship to a new height,” he said.

He added that PETRONAS remains dedicated to collaborating with partners to responsibly develop resources, improve energy resilience and create sustainable value wherever it operates.

As part of the anniversary programme, PETRONAS and Turkmennebit jointly hosted the Turkmenistan-Malaysia: 30 Years of Mutually Beneficial Cooperation in the Oil and Gas Sector Forum and Exhibition, attracting more than 500 participants from government agencies, industry stakeholders, Malaysian companies operating in Turkmenistan and the wider energy community. PETRONAS said the event provided a venue for industry experts and thought leaders to discuss emerging opportunities, changing industry dynamics and the future of energy development in Turkmenistan.

Workforce Development and Community Development Initiatives

Alongside the forum, the company presented a two-day exhibition highlighting key milestones since 1996, including contributions to the country’s energy sector, investments in local capability development and enduring partnerships. “PETRONAS has demonstrated commitment to developing local talent and strengthening national capabilities in Turkmenistan,” PETRONAS stated.

Over the past 30 years, PETRONAS has trained 235 local technicians and awarded scholarships to 188 Turkmen students to study at Universiti Teknologi PETRONAS and PETRONAS’ technical training facilities in Malaysia. The company also supported community initiatives such as the renovation of schools in Kiyanly.

“These long-term investments have helped nurture a highly skilled local workforce, with more than 1,000 Turkmen nationals employed so far, making up close to 90% of PC(T)SB’s workforce in the country. Together, they reflect PETRONAS’ commitment to creating lasting value through knowledge transfer, capability development and meaningful partnerships that extend beyond its operations,”PETRONAS added.

PETRONAS further reaffirmed its role as a trusted and enduring partner committed to supporting energy security, strengthening bilateral relations and delivering shared prosperity in the years ahead.

Equinor and its partners have reached agreement on the development concept for Ringvei Vest, a significant subsea development project that will be connected to the Troll B platform in the Norwegian North Sea. The decision represents a major step forward in advancing the project and defines a common development solution covering seven discoveries and one prospect. With the concept now selected, the groundwork has been established for a potential joint field development. According to Equinor, Ringvei Vest is expected to contribute substantial resources to future production.

Project Scope and Resource Assessment

The discoveries included within Ringvei Vest are Grosbeak, Swisher, Mulder, Kveikje, Toppand, Røver Sør, and Røver Nord, while the prospect Grønngylt is also part of the planned development. These resources are distributed across eight licences involving a total of seven owners. Acting as operator across all licences, Equinor has taken responsibility as the area architect and worked with partners to assess multiple development alternatives. This process involved evaluating which discoveries should be incorporated into the project as well as determining the most suitable host platform. As a result of that work, Ringvei Vest has emerged as one of the largest projects currently in the early development phase on the Norwegian Continental Shelf.

“We estimate that Ringvei Vest will contribute 240 million barrels of oil equivalent. A solid effort has been put in over a long period, and I am confident that together with partners and authorities, we have arrived at the best development solution, which also ensures optimal resource utilisation,” said Kjetil Hove, executive vice president for exploration and production Norway in Equinor.

Strategic Context and Continental Shelf Development

Highlighting the broader industry context, Hove stated, “The Norwegian Continental Shelf is maturing, new discoveries are smaller and costs are increasing. To maintain a high activity level and reliable energy supplies to Europe, it is important to develop marginal discoveries near existing infrastructure and collaborate across licenses. Equinor aims to increase our equity production from the Norwegian Continental Shelf to 1.3 million barrels per day in 2035.”

Operational Infrastructure and Execution Strategy

The planned Ringvei Vest development spans a wide geographical area. Current plans call for the drilling of 13 wells through six subsea templates. Production streams from the wells will undergo separation on the seabed before being transported to the Troll B platform. In addition to serving as the receiving facility, Troll B will provide power to the subsea installations associated with Ringvei Vest. Operational control of the wells is also planned to be handled from Troll B. Once processed, oil from the project will be transported to Mongstad, while gas will be sent to Kollsnes.

Further enhancements linked to Ringvei Vest include the installation of a new compressor on Troll B to expand the platform’s processing capacity. The platform already receives partial power from shore, a feature that supports lower-emission production. This arrangement will allow oil and gas from Ringvei Vest to be produced with reduced emissions while making use of existing infrastructure in the Norwegian North Sea. The agreed concept therefore establishes a framework for resource development, infrastructure utilization and future production growth tied to the Troll B platform.

The agreement was formalized in Caracas during a meeting attended by Repsol Chief Executive Officer Josu Jon Imaz, senior Venezuelan government officials and PDVSA executives.

Comprehensive Review of Operations and Development Plans

During the discussions, the parties not only addressed the Horcón area exploration program but also reviewed the status of existing projects, investment obligations, payment mechanisms and crude shipment schedules.

In addition to oil-related opportunities, Repsol, PDVSA and the Ministry of Hydrocarbons expressed interest in conducting further studies on offshore gas reservoirs and assessing future development possibilities. These efforts are consistent with Repsol’s broader objective of growing its natural gas business while supporting long-term energy security. Further exploration and feasibility work may create additional production opportunities and reinforce Venezuela’s position as a regional gas supplier.

Building on Recent Operational Achievements

Multiple Ventures Drive Growth Momentum

The latest memorandum follows a series of agreements reached between Repsol and Venezuelan authorities during 2026. Earlier in the year, Repsol and Eni reached an agreement to support sustainable natural gas production at the Cardón IV asset, which is jointly owned by the two companies. In April 2026, Repsol also secured an arrangement enabling it to regain operational control and increase production at Petroquiriquire, a joint venture where PDVSA owns 60% and Repsol holds the remaining 40%. The agreement is intended to improve operational efficiency while supporting reliable payment mechanisms and a stronger regulatory framework. According to PDVSA, the latest developments at Petroquiriquire introduce new exploration opportunities that could substantially raise production levels. Company officials estimate output may increase by approximately 20,000 barrels per day, moving from around 40,000 barrels per day to roughly 60,000 barrels per day. The additional crude is expected to support operations at Venezuela’s Paraguana Refining Center and contribute to broader economic activity.

Repsol currently produces roughly 45,000 barrels of oil per day in Venezuela and has indicated that output could rise by as much as 50% within the next year. Over a three-year period, production could potentially triple if operational and regulatory conditions remain favorable. Supporting these initiatives is a more accommodating regulatory environment. The U.S. Treasury Department’s Office of Foreign Assets Control issued General License 50A, allowing Repsol and its subsidiaries to conduct oil and gas transactions with the Venezuelan government and PDVSA. This shift has provided international energy companies with greater flexibility to operate in the country, enabling Repsol to pursue new investments, expand production plans and reinforce its long-term presence.

Implications of Horcón area exploration success for Repsol

With more than three decades of uninterrupted operations in Venezuela, the company continues to advance Horcón area exploration, expand production objectives and evaluate offshore gas opportunities. If successful, the Horcón area exploration program and related projects could significantly enhance Repsol’s production capacity while supporting the revitalization of Venezuela’s oil and gas sector and strengthening cooperation with Venezuelan authorities.

Exploring a New Era for LNG Export

The non-binding MOU signifies a crucial step in the joint exploration of opportunities across various facets of the Canada FLNG project. This includes detailed considerations for engineering and construction of the FLNG production and associated facilities, as well as ongoing operations and maintenance services throughout the facilities’ lifespan. The partnership will also delve into the potential for strategic equity participation by Hanwha Ocean or its affiliated entities, alongside long-term arrangements for liquefied natural gas (LNG) purchase and midstream solutions.

A Project of Substantial Scale

Kanata estimates the total capital expenditures for this ambitious Canada FLNG project to be approximately $15.7 billion. This figure is subject to the outcomes of final engineering designs, commercial agreements, and necessary regulatory approvals. The FLNG export project is designed to accommodate a significant capacity, projected to reach up to 12 million tonnes per annum (mtpa).

Philippe Levy, President of Hanwha Ocean’s Energy Plant Unit, said, “Canada has world-class natural gas resources and strong long-term potential to support reliable LNG supply to Asia-Pacific markets. We are pleased to establish this strategic relationship with Kanata and to explore how Hanwha Ocean’s FLNG, offshore engineering, construction, and marine energy capabilities could contribute to the proposed Kanata LNG project.”

Strategic Location and Technological Approach

The Kanata LNG project, envisioned as a floating LNG export facility, benefits from its location near Prince Rupert. This port is North America’s closest Pacific gateway to Northeast Asia. The project intends to harness modular construction techniques and marine-based liquefaction technology to ensure scalable export capacity.

Robert F. Delamar, Chief Executive Officer of Kanata Clean Power & Climate Technologies, said, “We are delighted to welcome Hanwha Ocean as a strategic partner in Kanata LNG through this memorandum of understanding. Hanwha brings globally recognized capabilities in floating infrastructure, shipbuilding and energy systems, making it an outstanding collaborator as we advance the project.”

Inclusivity and Future Approvals

In a notable aspect of community engagement, Kanata has extended an offer to participating First Nations to acquire up to a 50% ownership interest in the Canada FLNG project. This opportunity is contingent upon successful negotiations, securing financing arrangements, and obtaining all applicable approvals. The progression of the proposed Kanata LNG project remains dependent on a comprehensive range of approvals and conditions, including thorough environmental assessments, meaningful engagement with Indigenous communities, securing regulatory endorsements, and the successful negotiation and execution of definitive commercial agreements.

The foundation for this Syrian gas development agreement was laid in November 2025 with a memorandum of understanding signed by the three companies aimed at fostering broader collaboration in the gas sector.

Syria’s energy infrastructure has been significantly impacted by the prolonged civil conflict, resulting in a diminished capacity to meet its own electricity demands. Statistics indicate a considerable decline in domestic natural gas production, falling to an estimated 3 billion cubic metres in 2023 from 8.7 bcm recorded in 2011.

The Syrian Energy Minister Mohamed al-Bashir emphasized that the primary objectives of this latest Syrian gas development deal are to bolster the stability of the country’s electricity network and contribute to its overall economic recovery.

Ryan Lance, Chairman and CEO of ConocoPhillips, said, “We hope to grow the gas production in the country, and I hope that that expands beyond that to something even more significant for our company and more significant for the country of Syria.”

ConocoPhillips previously operated in Syria until approximately twenty years ago. In May 2026, the company engaged in discussions with other major energy players, including TotalEnergies, QatarEnergy, and the Syrian Petroleum Company, to initiate a technical review of the offshore Block 3 area, located near the coastal city of Latakia.

Alex Macdonald, CEO of Novaterra Energy, outlined his company’s commitment, noting that they will be providing essential training and access to advanced software and technology to establish their operations within Syria.

Youssef Qabalawi, CEO of the Syrian Petroleum Company, indicated in 2025 that the partnership aims to achieve an increase in gas output by 4 to 5 million cubic metres per day within a one-year timeframe, pointing to an accelerated timeline for tangible results from this investment in natural gas production.

Forging a Joint Path for Future Growth

Following constructive discussions, both parties reached an agreement to establish a joint working team. This collaborative initiative will be tasked with formulating an executive program designed to facilitate the expansion of UAE investments in Egypt’s petroleum sector. Furthermore, the team will undertake a comprehensive study of available opportunities, including those related to aviation fuel supply, as well as exploration and production activities. This concerted effort aims to bolster the strategic partnership between Egypt and the UAE, paving the way for new horizons of growth and UAE investment .

Officials from ENOC and Dragon Oil expressed their commendation for the accomplishments of the Egyptian Ministry of Petroleum and Mineral Resources (MoPMR). Specifically, they highlighted the successful settlement of all outstanding dues owed to investment partners. This crucial step was recognized as a clear demonstration of the Egyptian state’s strength and integrity, significantly contributing to enhanced investor confidence and the cultivation of an environment conducive to further investment.

A Model of Arab Economic Integration

Minister Badawi described the Egyptian-Emirati partnership within the petroleum sector as a prime example of successful Arab economic integration. He lauded the tangible successes achieved by Emirati companies operating in Egypt, with Dragon Oil being a prominent example.

Dragon Oil’s Impact in the Gulf of Suez

Badawi specifically praised Dragon Oil’s recent achievements, noting a significant advancement in the Gulf of Suez. Through its joint venture with the Egyptian General Petroleum Corporation (EGPC), operating as the Gulf of Suez Petroleum Company (GUPCO), the company has achieved a qualitative leap in the region. By integrating advanced digital technologies and artificial intelligence (AI) applications, Dragon Oil has successfully revitalized production potential, optimized output, and opened new avenues for investment.

Expanding Horizons: Red Sea Exploration

The Ministry, Badawi added, is committed to providing all necessary support to facilitate the expansion of Dragon Oil’s activities. This includes bolstering operations within its existing concession areas and venturing into promising exploratory regions, with a particular focus on the Red Sea. Such initiatives are anticipated to increase the likelihood of new discoveries, directly supporting the state’s objectives to boost production and ensure the satisfaction of local market demands.

Future Investment Commitments

In April 2026, Abdulkarim Almaazmi indicated that Dragon Oil plans to invest $3 billion in Egypt over the coming years. He further highlighted recent investments in the country, including a new well discovery at the North Safa field and another at the East Crystal well towards the end of 2025.

The agreement regarding Libya offshore exploration, announced by MOL Group, was concluded in collaboration with joint venture partners Repsol and Türkiye Petrolleri A.O. (TPAO). The consortium had previously secured exploration rights for an area situated in the Mediterranean Sea. This Libya offshore exploration undertaking represents an important milestone for Libya’s oil and gas industry, building upon the consortium’s earlier successful bid for the offshore O7 block.

The O7 block encompasses an area exceeding 10,300 square kilometers and is located approximately 140 kilometers northwest of Benghazi, in the Mediterranean Sea. The region is characterized by depths greater than 1,500 meters and is recognized as one of Libya’s most promising offshore exploration zones. The consortium’s commitment under the agreement includes a minimum work program that involves seismic data acquisition and the drilling of an exploratory well, designed to assess the hydrocarbon potential of the area.

Marton Zsombor, Executive Vice President for Exploration and Production at MOL Group, commented on the progression of the project, noting that the signing of the agreement has propelled the initiative into a new phase. He highlighted Libya’s strategic importance to Europe and emphasized the project’s potential to contribute to both the development of Libya’s domestic energy sector and the diversification of energy supplies for Central and Eastern Europe.

MOL also extended its engagement with Libya earlier in the year, having finalized a strategic partnership agreement with the National Oil Corporation (NOC) in January 2026. This collaboration is geared towards deepening technological cooperation, fostering knowledge exchange, and identifying new commercial opportunities that align with the international growth aspirations of both entities.

Currently, the Hungarian energy company holds oil and gas exploration and production assets in ten countries, with producing fields operational in eight: Hungary, Croatia, Azerbaijan, Iraq, Kazakhstan, Russia, Pakistan, and Egypt. As part of its international growth strategy, MOL has established cooperation agreements with several national energy companies, including partners in Kazakhstan, Azerbaijan, Türkiye, and Libya.

The comprehensive shareholders’ agreement outlines the operational framework for NIS, detailing the structure and decision-making processes for its governing bodies, as well as its long-term strategic objectives. This NIS management pact is designed to ensure the continued development of NIS, secure energy supply for the Serbian market, and maintain the operational capacity of the Pančevo oil refinery.

Key Terms and Conditions of the Agreement

Spearheaded by Minister Dubravka Đedović Handanović, the agreement signifies a commitment to a stable future for NIS. According to the Ministry of Mining and Energy, the pact enables MOL Group, should it become the majority owner, to steer NIS’s continued growth. A key provision in the future NIS management agreement ensures that the Pančevo refinery will operate at its pre-sanctions capacity for a minimum of ten years. This commitment is particularly important given the geopolitical landscape. In addition to the management framework, the agreement includes provisions for Serbia to acquire an additional 5% stake in NIS.

“The agreement also ensures that there will be no disruption in the operations of subsidiaries, including Petrohemija. Our representatives on the board of directors will have greater influence over decisions that are made,” Đedović Handanović said.

“NIS is critical energy infrastructure that affects our GDP, and, as we have publicly communicated over the past months, the state has managed to reach an agreement with Hungary’s MOL Group as a potential buyer of NIS, which will protect our market and security of supply if they reach a sale agreement,” she stressed.

Acquisition Contingencies and Regulatory Hurdles

The finalization of this shareholders’ agreement on  NIS management is contingent on several factors. MOL Group is actively engaged in negotiations with Gazprom Neft for the acquisition of its substantial 56.15% stake in NIS. The transaction is also subject to further regulatory approvals, including a critical sign-off from the U.S. Office of Foreign Assets Control (OFAC).

MOL Group’s Perspective and Future Outlook

Zsolt Hernádi, Chairman and CEO of MOL Group, expressed optimism regarding the management agreement, describing it as a product of constructive dialogue with the Serbian government. He highlighted that the pact will pave the way for efficient and professional management of NIS under MOL’s majority ownership, bringing an end to a prolonged period of uncertainty for the company.

Hernádi affirmed MOL’s commitment to strengthening NIS and enhancing its profitability, aiming to be recognized as a dependable partner for Serbia. He reiterated that the acquisition process is ongoing and requires a definitive agreement with the seller, alongside the necessary U.S. approvals. Hernádi believes the successful completion of the transaction will bolster energy supply security across the region and foster greater cooperation among energy firms in Central and Eastern Europe.

As part of the agreed arrangement, Chevron will acquire a 70% participating interest in the Block 10 offshore gas concession and will serve as the operator, while Greek energy company HELLENiQ ENERGY will maintain the remaining 30% stake. The transaction is expected to be finalized within the next few days once all remaining administrative procedures have been completed by the ministry, the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), and through foreign direct investment clearance.

Situated offshore from the Kyparissia Gulf in the southern Ionian Sea, the Block 10 offshore gas concession has already progressed through its first and second exploration stages. Those phases included extensive geological, geophysical, and environmental assessments designed to evaluate the area’s hydrocarbon potential. During 2022, the consortium gathered 1,210 kilometers of 2D seismic data along with 2,416 square kilometers of 3D seismic data, covering 88% of the concession area. With Chevron’s entry now approved, the newly formed Chevron-HELLENiQ ENERGY partnership will undertake a detailed review of the available seismic information before making a decision on advancing to the third exploration phase. That stage would involve the drilling of an exploratory well.

The latest approval gives Chevron its fifth offshore position in Greece through cooperation with HELLENiQ ENERGY. Prior to securing participation in the Block 10 offshore gas concession, the companies had already obtained rights to four additional offshore blocks located south of Crete and the Peloponnese, further expanding the country’s offshore exploration portfolio.

The meeting that confirmed the approval was attended by Energy Minister Stavros Papastavrou, Deputy Energy Minister Nikos Tsafos, U.S. Ambassador Kimberly Guilfoyle, HEREMA CEO Aristofanis Stefatos, Chevron’s Middle East and North Africa Exploration Director Andrew Deighan, and HELLENiQ ENERGY CEO Andreas Shiamishis.

Papastavrou described the move as part of Greece’s broader strategy to develop its national energy resources, strengthen energy security, and attract major international investors. Ambassador Guilfoyle emphasised the importance of the partnership for regional energy stability in Southeastern Europe.

The development comes as Greece continues to advance its offshore energy programme in accordance with international law. Block 10 is located in the Ionian Sea and lies outside the most contested maritime areas south of Crete. The immediate priority for Chevron and HELLENiQ ENERGY will be to complete their assessment of the existing seismic data and determine whether the project should proceed to exploratory drilling.

The 2025 tender, launched by the NOC last year, saw five blocks awarded out of twenty that were made available, encompassing both onshore and offshore territories. The recent signings represent the contractual stage following the allocation of a portion of these exploration areas. Specifically, the exploration and production deals involve Spain’s Repsol in partnership with Turkish Petroleum, Italy’s Eni in partnership with QatarEnergy, and the Hungarian group MOL together with Turkish Petroleum and Repsol. These consortia’s structures align with the February award announcements for three of the five allocated blocks.

While the current announcement details these collaborations, it does not reference the two other blocks awarded previously: Block S4, secured by the US company Chevron, and Block M1 in the Murzuq Basin, awarded to Nigeria’s Aiteo. The pact between Eni and QatarEnergy pertains to the O1 offshore exploration license. This block, covering approximately 29,000 square kilometers, is situated in the offshore extension of the Sirte oil and gas province, a vital region for Libya’s energy industry. Eni is designated to operate this concession, with the consortium holding a 100% stake during the exploration and development phases. Plans include acquiring seismic data and conducting drilling operations within the initial five-year exploration period.

Another key partnership involves Repsol, Turkish Petroleum, and MOL, which were awarded offshore Block 07 in the Gulf of Sidra. This strategic location connects major producing areas to coastal export facilities. Additionally, Repsol and Turkish Petroleum secured onshore Block C3 in Cyrenaica, an area within the Sidra oil system, Libya’s primary producing basin.

These exploration and production deals empower the NOC to delegate exploration and development tasks to international partners while retaining public oversight of the nation’s resources. The participating companies will shoulder a substantial portion of the exploration risks, recoup their costs according to the agreements, and subsequently share any resulting production with the national company. Although the NOC did not disclose the financial terms of these agreements, the corporation highlighted that they signify growing international confidence in Libya’s oil and gas sector. The initiative aims to attract qualified investments, intensify exploration efforts, and contribute to the growth of national energy output.

The signing of these exploration and production deals occurs as the NOC is actively working to restore production capacity, reactivate facilities impacted by past conflicts, and strengthen Libya’s standing as a significant energy supplier in the Mediterranean region. Eni, which has had a presence in Libya since 1959, reported an equity production of approximately 162 barrels of oil equivalent per day in 2025.