Dragon Oil to Develop Three Key Fields Near Cheleken

Dragon Oil to Develop Three Key Fields Near Cheleken
Guvanch Agajanov, Chairman of Türkmennebit State Concern, and Dragon Oil CEO Ali Rashid Al-Jarwan sign a Memorandum of Understanding, January 5, 2024, Dubai, UAE. (Photo: WAM)

Dragon Oil, based in Dubai, is set to embark on the development of three promising oil fields near Cheleken, according to a Memorandum of Understanding signed with Turkmennebit (Turkmen Oil) State Concern. This significant move was reported by the Emirates News Agency (WAM) on Saturday, following the signing during the visit of Gurbanguly Berdimuhamedov, the National Leader of the Turkmen Leader, to the United Arab Emirates.

Chairman of the Board of Directors of Dragon Oil Saeed Al Tayer highlighted the company's plans to boost investments in these three fields, aiming for increased production. Emphasizing Turkmenistan's importance in the oil sector, Al Tayer expressed the company's commitment to strengthening its presence through new investments that mutually benefit both parties by enhancing state revenue and job creation.

Having conducted seismic surveys amounting to $35 million in these areas, Dragon Oil's specialists found significant potential in Block 19. The company, operating under a Production Sharing Agreement with Turkmenistan since 2000, focuses on hydrocarbon resource production in the Caspian Sea, particularly in the Cheleken contract area. With over 2,000 employees already in Turkmenistan, Dragon Oil continues its oil and gas collaboration in the region.

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