From the signing of the agreement to drilling at the end of the year, in less than a year, the development of the two major natural gas blocks in Turkmenistan is advancing at an extraordinary speed. Petronas' overseas layout is once again heavy, and diversified supply sources have become a key landing point for Malaysia's energy security.

Speed far exceeds similar projects

Malaysian Prime Minister Anwar Ibrahim recently stated that the exploration and drilling work for the large natural gas block in Turkmenistan, which is being developed by Petronas, is expected to start in December 2026. This progress is much faster than similar international projects that typically require a preparation period of one and a half to two years.

At the end of 2024, during the visit of the Turkmen President to Malaysia, it was announced that the 9th and 10th natural gas blocks would be awarded to Malaysia for development and management by Petronas, which involves one of the world's largest natural gas fields. The Turkmen government has promised to fully cooperate to ensure the project is implemented as soon as possible.

Guooil's business in Turkmenistan can be traced back to 1996. In June 2026, the two sides signed a formal cooperation agreement, and CNOOC, through its subsidiary, signed a production sharing agreement and related exploration and research agreements with Turkmenistan National Oil and Gas Company and Hazarnebit to deepen its layout in the Caspian Sea region.

Accelerate the promotion of upstream strategy

Malaysia's current oil and gas production is approximately 2 million barrels of oil equivalent per day, sourced from three mature basins. In 2024, China National Petroleum Corporation's upstream investment reached a historical high of 50 billion Malaysian Ringgit, with a total of 9 new discoveries made throughout the year. Anwar stated that diversification of supply sources remains a core component of the government's energy security strategy. Despite facing uncertainty, domestic supply is still sufficient and costs are controllable. Keywords: natural gas projects, energy supply

In the fiscal year 2025, Guooil's revenue was 266.1 billion Malaysian Ringgit, net profit was 45.4 billion Malaysian Ringgit, and approximately 60% of its capital expenditure of 41.6 billion Malaysian Ringgit was invested in Malaysia. At the same time, CNOOC is accelerating its overseas upstream layout - in Block 52 of Suriname, more than 1 billion barrels of oil equivalent resources have been discovered in eight locations. The company expects to make a final investment decision on developing natural gas reserves in Suriname's offshore waters by 2026. From Turkmenistan to Suriname, this Malaysian state-owned energy giant is rapidly expanding its presence on the global map.Editor/Cheng Liting