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Dragon Oil talks investment in development of Turkmen shelf of Caspian Sea

Oil&Gas Materials 20 August 2019 12:07 (UTC +04:00)

Ashgabat, Turkmenistan, Aug. 20

By Huseyn Hasanov – Trend:

The UAE’s Dragon Oil, a subsidiary of Emirates National Oil Company (ENOC) LLC, has invested more than $6.8 billion in the development of offshore fields in Turkmenistan over 18 years, Trend reports referring to Neytralni Turkmenistan newspaper.

According to CEO of Dragon Oil Ali Rashid Al Jarwan, the number of local citizens working in the company increased from 525 in 2000 to almost 2,000 in 2019.

Dragon Oil extracted more than 4 million tons of oil in Turkmenistan in 2018. From January 1 till May 1, 2019, the company produced more than 1.2 million tons of oil.

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 drilled new wells, built the offshore stationary platforms, overhauled existing wells and reconstructed all parts of the system. By 2025, Dragon Oil hopes to expand production and increase oil production up to 100 barrels per day.

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