Dragon Oil Strengthens Strategic Partnership with Turkmen Government

Post by: Elena Malik

Photo : Dubai Government Media Office

Dubai, UAE — HE Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil, a Dubai Government-owned entity, has extended his gratitude to HE Serdar Berdimuhamedov, President of Turkmenistan, for the warm reception and ongoing support towards the company's operations.

On a recent visit to Ashgabat, a high-level delegation led by Al Tayer, including Dragon Oil’s Board members such as H.E. Hussain Lootah, Board Secretary H.E. Qusai Al-Shared, and H.E. Ali Rashid Al-Jarwan, CEO, held a significant meeting with H.E. Batyr Amanov, Deputy Prime Minister of Turkmenistan, and Guvanch Agajanov, Chairman of "Turkmen Oil." The meeting, held at the Turkmen Cabinet building, focused on advancing the oil and gas sector's development in Turkmenistan.

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During the discussions, both parties reviewed the ongoing and future projects, including the "Cheleken" area and "Block 19." Al Tayer reaffirmed Dragon Oil's commitment to its long-term investment strategy and highlighted the company’s sustainability goals, including reducing gas emissions to zero by 2027.

The Turkmen officials lauded the successful cooperation and extended an invitation for Dragon Oil to participate in the Investment Forum scheduled for September 2024 in Ashgabat. The forum aims to further explore and discuss investment opportunities.

The meeting addressed significant investments exceeding $10 billion to enhance production from the Cheleken concession area, which has achieved a cumulative production of 447 million barrels. Dragon Oil’s initiatives include leveraging advanced technologies and practices to maximize oil and gas production while ensuring minimal environmental impact.

Both parties also discussed new strategies for marketing Dragon Oil’s crude oil within Turkmenistan. The updated marketing plan is designed to bolster strategic cooperation and optimize distribution efficiency, ultimately benefiting both the local economy and the long-term sustainability of the partnership.

Dragon Oil’s commitment to environmental protection was underscored with plans to develop stringent inspection, maintenance, and operational standards to minimize pollution and further reduce emissions through measures like halting gas flaring, increasing gas reinjection, and selling gas to the government.

The meeting also explored expanding production capabilities by investigating new areas such as the west of Zhdanov field, which has added 30 million barrels of oil reserves, and seeking additional offshore concessions like the Dongolok site and potentially Block 20.

Overall, the discussions reinforced the mutual trust and commitment between Dragon Oil and the Turkmen government, setting the stage for continued collaboration and advancement in the oil and gas sector.

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