BAKU, Azerbaijan, July 1. Turkmennebit State Concern of Turkmenistan and Dragon Oil, an Arab international oil and gas company, have extended the validity of the production sharing agreement for 10 years, Trend reports citing Orient news.
The validity period of the document has been extended from 2025 to May 1, 2035.
According to the Chief Executive Officer of Dragon Oil, Ali Rashid Al Jarwan, in the coming years the company plans to invest significant financial resources in Turkmenistan in order to increase oil production.
Furthermore, Dragon Oil (Turkmenistan) Ltd. mainly develops the "Jeytun" and "Dzhigalybeg" oil fields. For more than 20 years of operation, the company has invested over $8 billion in this project.