ASHGABAT, Turkmenistan, Oct. 31
By Huseyn Hasanov – Trend:
UAE-based Dragon Oil company, which develops oil and gas fields in the Turkmen sector of the Caspian Sea, has increased its average daily hydrocarbon production by more than ten times compared with the year 2000, Trend reports referring to the Turkmennebit State Concern.
This confirms the great prospects for the development of offshore hydrocarbon deposits of the country, the report said.
Since 2000, the company has been extracting hydrocarbon raw materials under the terms of the Production Sharing Agreement on the Cheleken Contract Area. During this time, major work was done to modernize and develop the infrastructure of the Jeitun and Jigalybek oil and gas fields, said Ibragim Parkuyev, director for business development of Dragon Oil.
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.