Dragon Oil (UAE) intends to invest at least $8bn in projects in Turkmenistan over the next 15 years, according to a local oil and gas industry resource.
The statement was made by Ahmed Bin Saeed Al Maktoum, Deputy Chairman of Dubai Executive Council, during Turkmenistan's investment roadshow in Dubai, UAE.
Dragon Oil operates in the Turkmen sector of the Caspian Sea and last year extended the contract until 2035.
Over 23 years of cooperation Dragon Oil has invested over $8bn in Turkmenistan's oil fields development project and is ready to invest at least the same amount in the next 15 years, Maktoum said.
According to him, amendments in national legislation would greatly enhance investment interaction with the country, as investors, first and foremost, consider the return on their investments.
Dragon Oil's contract area covers about 950 km2 in Turkmenistan and includes two offshore oil and gas fields - Jeytun and Jigalybeg, located at depths of eight to 42 meters.
Dragon Oil is listed on the London and Dublin stock exchanges (ticker: DGO), and the major shareholder is the Emirates National Oil Company (ENOC).
Credits: Eziz Boyarov, Ashgabat
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