UAE-based energy company Dragon Oil has opened its largest regional office outside the country in Ashgabat, the capital of Turkmenistan, WAM reports.
The ceremony was attended by Rashid Al Jarwan, CEO of Dragon Oil, and Guvanch Agadjanov, head of Turkmenoil State Concern. "The new office represents an important step for the Company to achieve the established strategic goals."
Dragon Oil plans to enter the blue hydrogen industry by 2029 and increasing its investments by increasing the oil production capacity in the Turkmen market, which currently amounts to about 60,000 barrels per day.
Al Jarwan said: "“The opening of the company’s regional office in Turkmenistan is the result of more than 20 years of presence here. Today we are launching a new chapter of serious and fruitful cooperation between our two countries, and it is also an affirmation of the strategic partnership that brings us together."
He pointed out that Dragon Oil's work in Turkmenistan will focus on enhancing oil production and stopping gas burning by 2027 completely, which will contribute to enhancing sustainability and reducing carbon emissions, in addition to other work related to protecting the marine environment.
Dragon Oil has been operating in the Turkmen sector of the Caspian Sea under a Production Sharing Agreement (PSA) since 2000. The contract area covers approximately 950 km2 in Turkmenistan.
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 to 2035. Dragon Oil is listed on the London and Dublin stock exchanges (ticker: DGO) and its major shareholder is ENOC.
Eziz Boyarov
Comments (0)