Dragon Oil (UAE) is to begin geological exploration in the Turkmen sector of the Caspian Sea, including three new oil fields in Block 19.
The company's CEO, Rashid Al Jarwan, said after talks with the leadership of the state-owned Turkmennebit concern.
"We are exploring Block 19, which has been the subject of a 3D seismic survey. It was successful. Now we are moving on to geological exploration." The agreement for the new contract area was signed earlier this year.
Dragon Oil has been operating in the area under a Production Sharing Agreement (PSA) since 2000.
The company's main activity has been in the eastern sector of the South Caspian Basin - the Cheleken contract area, which covers a total area of approximately 950 km2 and includes the Dzheitun, Jigalybek and Chelekenyangummez fields.
Experts 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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