Eni signs PSA addendum to extend E&P work in Turkmenistan

Eni SPA has signed an addendum to the production-sharing agreement (PSA) it has with Turkmenistan with respect to the onshore Nebit Dag block in western Turkmenistan.

The addendum extends to February 2032 the duration of the PSA for the block and transfers a 10% stake of Eni’s contractor share to Turkmenneft. Eni, which serves as block operator, will keep the remaining 90% interest stake in the PSA.

The agreement, says Eni, will enable further exploration and production investments in Burun and other satellite fields of the Nebit Dag block.

In a separate agreement, Eni and the Turkmen State Agency for Management and Use of Hydrocarbon Resources signed a memorandum to explore the possibility of extending Eni’s activities to Turkmenistan’s offshore sector of the Caspian Sea.

The addendum was signed by Turkmen State Agency Director Yagshygeldy Kakayev, Turkmenneft Chairman Tachdurdy Begdjanov, and Eni Chief Executive Officer Claudio Descalzi. Also present were Turkmenistan President Gurbanguly Berdimuhamedov and Italian Prime Minister Matteo Renzi.

Eni began operating in Turkmenistan in 2008. These agreements consolidate the company’s cooperation with the national authorities and with state company Turkmenneft.

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