Entry into Turkmenistan’s offshore sector gives Diamond Partnership at OGT 2026 clear strategic weight.
The expansion of ADNOC’s XRG has moved quickly from ambition to execution.
Launched by ADNOC in November 2024, XRG has grown from an international energy investment company valued at more than US$80 billion to a platform now valued above US$150 billion, spanning international gas, chemicals and energy solutions.
In May 2025, the company secured a 38% participating interest in Offshore Block I in Turkmenistan’s Caspian Sea sector, joining PETRONAS and State Enterprise Hazarnebit under a new Production Sharing Contract with State Concern Turkmennebit. The asset gives the company access to more than 7 trillion cubic feet of natural gas resources.
Turkmenistan is therefore no longer only a market of interest. It is part of the company’s operating investment landscape.
Built for a Changing Energy Market
ADNOC’s XRG was created for a market increasingly defined by energy security, rising electricity demand, industrial growth and the need to lower emissions.
Its strategy spans upstream gas, LNG, infrastructure and chemicals, with an ambition to build a top-five integrated global gas and LNG business and reach 20–25 million tonnes per annum of capacity by 2035.
Its gas interests now extend across major energy regions, including the United States, Egypt, Mozambique, Azerbaijan, Turkmenistan and Latin America. Block I fits that broader portfolio logic: targeted positions in markets with long-term strategic relevance.
Why Block I Matters
The entry into Turkmenistan is commercially substantive.
Under the Production Sharing Contract, PETRONAS holds 57% and remains operator, ADNOC’s XRG holds 38%, and Hazarnebit holds 5%. ADNOC’s XRG and PETRONAS also signed a long-term Gas Sales Agreement with State Concern Turkmengas.
The partnership combines PETRONAS’ offshore experience, ADNOC’s scale and international reach of ADNOC’s XRG, and Hazarnebit’s direct Turkmen participation.
The asset also strengthens the company’s position in the Caspian, a region gaining renewed attention for its resources, infrastructure and links between Central Asia, the Caucasus, Europe and Asia.
Together with its exposure in Azerbaijan, including Absheron and the Southern Gas Corridor, Turkmenistan gives the company a more meaningful Caspian footprint.
A Presence Beyond the Asset
The company’s commitment extends beyond Block I.
In September 2025, the company announced offices in strategic markets including Ashgabat, Washington D.C., Baku and Maputo.
An Ashgabat office creates a permanent point of engagement with institutions, partners and the market, signaling interest beyond one participating stake.
That matters as Turkmenistan’s agenda expands from gas production to offshore development, processing, export connectivity, methane reduction, digitalization and advanced technologies.
Diamond Partner of OGT 2026
ADNOC’s XRG’s role as Diamond Partner of the 31st International Conference and Exhibition “Oil & Gas of Turkmenistan — OGT 2026” comes at a timely point in its engagement with the country.
Taking place in Ashgabat on 21–23 October 2026, OGT 2026 will convene government, investors, energy companies, technology providers and industry experts to discuss Turkmenistan’s next phase of oil and gas development.
What Comes Next?
Block I is still an early platform for in Turkmenistan, not a complete roadmap.
But the foundations are already clear: a material offshore stake, a long-term sales arrangement, a local office and a prominent role at OGT 2026.
For Turkmenistan, ADNOC’s XRG is another major international investor to an offshore sector with room to grow. For the company, it secures a position in a resource-rich country with a distinctive place in Eurasian energy.
When the industry gathers in Ashgabat, the company will arrive not as a prospective entrant, but as an investor already active in the country.
The question is no longer whether ADNOC’s XRG will enter Turkmenistan. It has. The focus now is what comes next.
