Dragon Oil strengthens strategic partnership with Turkmen Government in Oil and Gas sector

Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil, wholly owned by the Government of Dubai, expressed his gratitude to the President of the Republic of Turkmenistan, Serdar Berdimuhamedov, for the warm reception, hospitality, and continuous support for the company.

A delegation headed by Al Tayer, held a productive meeting with Batyr Amanov, Deputy Prime Minister of Turkmenistan, and Guvanch Agajanov, Chairman of Turkmen Oil, at the Cabinet building in the Turkmen capital, Ashgabat, to discuss the development of the oil and gas sector in Turkmenistan.

The meeting was attended by members of Dragon Oil's Board of Directors, including Hussain Lootah, Board Secretary Qusai Al-Shared, Ali Rashid Al-Jarwan, CEO, and a number of officials from various departments of Dragon Oil.

During the meeting, both parties discussed the continuation of successful cooperation between Dragon Oil and the Turkmen government.

Al Tayer reviewed long-term investment projects in the "Cheleken" area and the "Block 19" project, while affirming the company's commitment to achieving sustainability goals and reducing gas emissions to zero by 2027.

Amanov praised the joint cooperation and in turn invited Dragon Oil to participate in the Investment Forum scheduled to be held in Ashgabat in September 2024.

The meeting addressed the investment of more than $10 billion to develop production from the Cheleken concession area, with cumulative production reaching 447 million barrels. Dragon Oil continues its efforts to use the best technologies and focused practices for oil and gas production for the benefit of both the Turkmen government and Dragon Oil until 2035.

During the meeting, Dragon Oil reaffirmed its commitment to environmental protection during operations by developing inspection, maintenance, and operational standards to ensure minimisation of pollution in case it occurs and reducing the impact on the natural conditions of the Caspian Sea. The same concept applies to emissions, where work is currently underway to reduce emissions to zero by 2027 through stopping gas flaring during operations, increasing gas re-injection into oil wells, and gas sales to the government.

The meeting also addressed enhancing production, where the best production methods are being applied. Additionally, new areas are being explored, such as the west of Zhdanov field, which added reserves of 30 million barrels of oil, and exploring Block 19 nearby to add new production to existing production facilities. There is also a look towards obtaining more offshore concessions such as the Dongolok site and possibly Block 20.

Both parties also reviewed new plans for marketing the company's crude oil in Turkmenistan. The new marketing plan for marketing crude oil domestically comes as a beneficial strategic step to achieve the goals and vision of strategic cooperation with the Turkmen government. This fruitful cooperation in marketing reflects both parties' commitment to enhancing the existing partnership and exploring new opportunities that contribute to achieving mutual benefits.

This cooperation confirms the mutual trust between Dragon Oil and the Turkmen government, as both parties seek to improve marketing operations and raise distribution efficiency in a way that benefits the local economy and enhances the sustainability of relations between the two sides.

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