The State Concern “Turkmennebit” has outlined the terms for foreign companies seeking to develop hydrocarbon resources in Turkmenistan’s sector of the Caspian Sea. Batyr Jumayev, Deputy Chairman of the concern, presented the details at the OGT 2026 conference in Ashgabat, according to the Turkmenportal.

Cooperation with foreign investors is governed by the Law on Hydrocarbon Resources. Turkmenistan’s sector of the Caspian Sea is divided into more than 30 licence blocks. Foreign companies may apply for one or several blocks, undergo a qualification assessment and begin negotiations on a production-sharing agreement or another type of contract permitted by law.

The legislation provides for various forms of cooperation, including concession agreements, joint activity agreements and risk-service contracts. Investor incentives include a preferential fiscal regime, as well as exemptions from certain payments and customs duties on equipment and materials imported or exported for oil operations.

Foreign companies may also independently dispose of their share of the hydrocarbons produced. In particular, they are permitted to process oil at refineries without additional taxes, licences or permits.

On the Caspian shelf, Turkmennebit cooperates with Dragon Oil, Petronas and ADNOC. In June 2026, the concern, Petronas Carigali (Turkmenistan) Sdn. Bhd. and the state enterprise Khazarnebit signed a production-sharing agreement covering Blocks 19 and 20. Geological exploration is under way in Blocks 11, 12, 13 and 14, using 2D seismic surveys.

Turkmennebit reaffirmed its readiness to continue dialogue with international partners to attract investment on the basis of equality and mutual benefit.