Ashgabat, Turkmenistan, Oct. 4
By Huseyn Hasanov – Trend:
UAE-based Dragon Oil company is aimed at continuing mutually beneficial strategic partnership with Turkmenistan, Trend reports referring to a released letter of the company’s Chairman Sheikh Hamdan bin Rashid Al Maktoum to Turkmen President Gurbanguly Berdimuhamedov.
“It is a great honor for us on behalf of Dragon Oil to assure you of the continuation of mutually beneficial strategic partnership in the field of production and extraction of oil resources on a scientific basis,” reads the letter.
Dragon Oil is in talks with Turkmenistan to extend the existing contracts, having submitted a number of commercial proposals.
The 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.
Dragon Oil extracted more than four 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). By 2025, Dragon Oil hopes to expand production and increase oil production up to 100,000 barrels per day.