Dragon Oil to Develop Three Offshore Oil Fields

Dragon Oil, a subsidiary of Emirates National Oil Company (ENOC) and owned by Dubai government, on Tuesday said that it has invested over $10 billion in developing oil production at the Çeleken concession in Turkmenistan.

During his meeting with Turkmenistan President Serdar Berdimuhamedov at the Presidential Palace in Ashgabat in Turkmenistan, Dragon Oil Chairman Saeed Mohammed Al Tayer said that his company’s investment in the oil field boosted production to a cumulative output of 447 million barrels.

It may be recalled that Dragon Oil and Turkmenistan’s national oil company Turkmennebit have signed an agreement in January this year under which Dragon plans to develop three new offshore oil fields within Block 19 in the Turkmen sector of the Caspian Sea to its assets in Turkmenistan near Celeken concession.

During the meeting, Berdimuhamedov stressed that the cooperation between the two countries was taking place within the framework of the United Nations and other major international organisations, as the energy sector is one of the main areas of cooperation between Turkmenistan and the UAE.

The Turkmen President said that the United Arab Emirates has rich experience in developing the oil and gas industry, pointing out the importance of the positive experience of cooperation with leading Emirati companies in this sector.

Al Tayer said that the possibility of expanding cooperation and partnership for the coming years were discussed, as increasing the volume of oil and gas extraction and processing and exporting energy resources and chemical products from oil and gas in the country were among the main tasks of this important sector for the Turkmen national economy, while enhancing favourable conditions for business in Turkmenistan, taking into account the long-standing Emirati experience and Turkmenistan’s plans to continue developing the energy sector.

Dragon Oil’s Future Plans

Indicating that Dragon Oil will do its utmost to fulfil its contractual obligations, Al Tayer spoke about the company’s strategic objectives and future plans to expand into new exploration opportunities, production and operations in line with developments in the global oil market, with investments exceeding $10 billion in developing production from the Cheleken contract area, with a cumulative production reaching 447 million barrels, using the best production practices to benefit both the governments until 2035.

Al Tayer pointed out the Dragon Oil’s efforts to promote sustainable development and exploit all efforts and energies to achieve climate neutrality goals by 2050, and promising opportunities in the field of sustainability to improve performance and preserve the environment, and the company’s initiatives aimed at reducing emissions at the operations.