1MDB Press Statement,
PetroSaudi, via a subsidiary company, owned assets, comprising rights to oil fields in Turkmenistan and Argentina, worth approximately USD2.7 billion. These assets were sold by PetroSaudi to another subsidiary, “JV Co”, which at the time of the asset sale, was a company formed by and initially 100% owned by PetroSaudi for the purposes of a proposed joint venture with 1MDB.
On 29 September 2009, 1MDB executed a joint-venture agreement with PetroSaudi.
What exactly does "rights to oil fields" mean?
It is Production Sharing Agreements (PSA) that has true value.
I have searched and never found any reference to Petrosaudi having any interest in the oil and gas industry of Turkmenistan or vice versa.
The US-Turkmenistan Business Council is a Washington, DC based non-profit organization that promotes commercial relations between the United States and Turkmenistan. A publication dated 3/10/2009 here does not mention any Saudi based company, onshore or offshore.
In fact Petronas is mentioned having a Production Sharing Agreement (PSA),
The remaining three PSAs are offshore operations, including the Cheleken project operated by Dragon Oil of the United Arab Emirates, the Block-1 project operated by Petronas of Malaysia and the Blocks 11, 12 project operated jointly by Maersk Oil of Denmark and Wintershall of Germany.
More shockingly Petronas had signed a 25-year Production Sharing Agreement way back in 1996! with emphasis as "the first PSA to be awarded by the government of Turkmenistan" here,
In July 1996, Petronas and the government of Turkmenistan signed a 25-year Production Sharing Agreement for the exploration, development and production of offshore Block 1, including the Garagel-Deniz (Gubkin), Deyarbekir (Barinov) and Magtymguly (East Livanov) fields.[i] Block 1 is located approximately 80 km southwest of Turkmenbashi.[ii] This was the first PSA to be awarded by the government of Turkmenistan. That same year, the government of Turkmenistan announced that Petronas planned to invest more than $210 million in its operations.[iii]
Why would or rather why should 1MDB be a party in a joint-venture with Petrosaudi, whose presence in Turkmenistan is doubtful and which Petronas had already made inroads 13 years before?
U.S. Department of State in its Executive Summary on Turkmenistan in 2014 here (Note: the US-Turkmenistan Business Council publication above must have been the U.S. Dept of State Executive Summary 2009) also does not mention any Petrosaudi presence.
By 2014, the offshore PSA had increased to six with Petronas still in the mix,
In addition, there are six PSAs for offshore operations: Block I operated by Petronas of Malaysia; Block II (Cheleken Contractual Territory) operated by Dragon Oil (UAE); Block III operated by Buried Hill (Canada); Blocks 11 and 12 operated jointly by Maersk Oil of Denmark and Wintershall of Germany; Block 23 operated by RWE of Germany; and Block 21 operated by Itera of Russia.
And still no mention of Petrosaudi or Saudi presence.
So what Petrosaudi "rights to oil fields" in Turkmenistan is 1MDB crowing about that is worth USD2.7 billion (together with Argentina) when it seems to be non-existent?