Dragon Oil discloses indicators of oil and gas project in Turkmenistan

Oil&Gas Materials 21 May 2019 19:18 (UTC +04:00)

Ashgabat, Turkmenistan, May 21

By Huseyn Hasanov – Trend:

Dragon Oil company, a subsidiary of Emirates National Oil Company (ENOC), extracted more than four million tons of oil in Turkmenistan in 2018, Trend reports referring to Turkmenistan’s Turkmengas state concern.

From January 1 till May 1, 2019, the company produced more than 1.2 million tons. Dragon Oil has been working in Turkmenistan on the basis of the Production Sharing Agreement (PSA) since 1993.

The company focuses on the development of Jeytun and Jygalybeg oil fields (the Cheleken contractual area of the Turkmen shelf of the Caspian Sea). Dragon Oil has been operating here since 2000. During the reporting period, the amount of the company’s investments reaches more than $6.6 billion.

During the reporting period, Dragon Oil has drilled new wells, built the offshore stationary platforms, overhauled existing wells and reconstructed all parts of the system.

The company completed the construction of an offshore production platform at Jygalybeg field and started to drill new wells in 2014.

By 2025, Dragon Oil hopes to expand production and increase oil production up to 100 barrels per day.