UAE’s Dragon Oil eyes increasing oil production in Turkmenistan

Oil&Gas Materials 20 September 2021 11:50 (UTC +04:00)
UAE’s Dragon Oil eyes increasing oil production in Turkmenistan

BAKU, Azerbaijan, Sept. 20

By Klavdiya Romakayeva - Trend:

The Dragon Oil (UAE) oil company plans to increase oil production in Turkmenistan, Trend reports with reference to the ORIENT information portal.

According to the information, Dragon Oil has developed a strategy to increase production from the current 160,000 to 300,000 barrels per day by 2026.

“We are determined to achieve our sustainable growth goals by unlocking new opportunities around the world, including Turkmenistan, Iraq, and Egypt,” the chief executive officer of Dragon Oil, Ali Rashid Al Jarwan said.

Jarwan also confirmed that Dragon Oil has achieved positive results in 2020 and continues to maintain strong growth in 2021, despite the unprecedented challenges facing the entire world due to the COVID-19 pandemic.

“When the pandemic hit, Dragon Oil had to cut operating expenses by 35 percent, but there were no layoffs. We applied digital solutions and energy innovations, so we managed to maintain financial stability while continuing to implement projects abroad,” he said.

He also added that Dragon Oil recently extended its contract in Turkmenistan for another 10 years for a total of $400 million. It is noted that the contract expired in 2025.

Dragon Oil is a subsidiary of the Emirates National Oil Company (ENOC) and has invested over $6.8 billion in the development of offshore fields in Turkmenistan over eighteen years.

The main activity of the company is focused on the development of the Dzheitun and Dzhigalybeg oil fields (the Cheleken contract area). Dragon Oil hopes to increase oil production to 100,000 barrels per day by 2025.


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