Dragon Oil (UAE) will expand its investments in the promising Turkmen oil and gas sector, which includes three new oil fields within Block 19, WAM (UAE) reports. The company signed a memorandum of understanding with Turkmennebit (Turkmen Oil) State Concern.
The ceremony was attended by the head of Turkmenistan's People's Assembly, Gurbanguly Berdimuhamedov, who met with Dragon Oil's management as part of his working visit to the UAE.
"The two sides discussed ways to further enhance bilateral cooperation and explore the possibilities of advancing the energy sector and oil and gas industry in Turkmenistan, given Dragon Oil's extensive experience and notable achievements in these areas."
Dragon Oil has been operating in the Turkmen sector of the Caspian Sea under a Production Sharing Agreement (PSA) since 2000.
The company's main activities have been in the eastern sector of the South Caspian Basin - the Cheleken contract area, with a total contract area of approximately 950 km2, comprising the Dzheitun, Jigalybek and Chelekenyangummez fields.
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
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