Dragon Oil invests heavily in development of Turkmen shelf of Caspian Sea
Ashgabat, Turkmenistan, May 26
By Huseyn Hasanov - Trend:
Dragon Oil, operating in the Turkmen sector of the Caspian Sea, has invested about $6 billion in the development of offshore fields, Nebit-Gaz reported citing Mohamed Abdalla AlRaeesi, general director of the company's local branch.
Dragon Oil continues to actively increase the volume of investments. This year, they amounted to $150 million.
Turkmenistan is a reliable partner for development of cooperation, in particular in the oil and gas sector. The country has created favorable conditions for investment, says the Arab businessman.
Dragon Oil effectively cooperates with the State Concern Turkmenneft and other state structures.
In November 2017, it was reported that Dragon Oil plans to increase the average daily oil production from offshore platforms on the Cheleken field to 100,000 barrels by 2021.
The company operates within the framework of the Production Sharing Agreement (PSA) on the Cheleken contract area, signed in 2000.