"Azerbaijan Caspian Shipping Company" (ASCO) reports that it has completed the laying of an oil pipeline in the Turkmen sector of the Caspian Sea.
The pipe-laying vessel Suleyman Vezirov has completed the laying of a 5-km subsea pipeline between the Lam and Zhdanov fields, which are being developed by Dragon Oil (UAE).
Dragon Oil has been operating in the Turkmen sector of the Caspian Sea since 2000 under the Production Sharing Agreement (PSA). Sources in Turkmenistan's energy sector told Daryo that the company has invested more than $8bn in the Turkmen project and last year extended the contract until 2035.
The contract area covers about 950km2 in Turkmenistan. Dragon Oil's shares are listed on the London and Dublin Stock Exchanges (ticker: DGO) and the main shareholder is the Emirates National Oil Company (ENOC).
Credits: Eziz Boyarov
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