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Thursday, February 22, 2024

Dragon Oil & Turkmenistan Oil Sign MOU

Dragon Oil Company, a government-owned entity in Dubai, recently inked a Memorandum of Understanding (MoU) with Turkmenbet Company (Turkmenistan Oil) to bolster its investments in Turkmenistan’s oil and gas sector. The agreement encompasses the development of three new oil fields within Block 19.

The signing ceremony was graced by key figures including Gurbanguly Berdimuhamedow, Chairman of the People’s Council of Turkmenistan, and Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil, among others. Al Tayer conveyed greetings from His Highness Sheikh Mohammed bin Rashid Al Maktoum and expressed gratitude to the Turkmen government for their support and leadership.

During a meeting between the Chairman of the People’s Council of Turkmenistan and the Chairman of Dragon Oil’s Board of Directors, discussions centered on advancing bilateral cooperation and leveraging Dragon Oil’s expertise to enhance Turkmenistan’s energy and oil and gas industries.

Berdimuhamedow commended Dragon Oil for its support in the health sector, especially during the COVID-19 pandemic. The company contributed ambulances, medical equipment, and clinics for COVID patients, showcasing its commitment to the well-being of the Turkmen people.

Al Tayer highlighted the significance of the MoU, emphasizing the long-standing trust between Dragon Oil and the Turkmen government. The company aims to expand investments in the three new oil fields, enhancing production, contributing to the state’s revenue, and generating job opportunities.

The agreement enables technology transfer and modernization in the oil sector, with Dragon Oil committing technical and financial investments to develop the specified fields. Al Tayer expressed optimism about the promising Block 19, located near the Chelken field where the company operates a concession.

Future plans involve drilling wells and developing production after exploring for oil. The agreement was formally signed by Ali Rashid Al Jarwan, CEO of Dragon Oil, and Aghajanov Jovansh, Head of the State Administration “Turkmenneft.”

Dragon Oil has been involved in oil and gas collaboration with Turkmenistan since 2000, focusing on extracting hydrocarbon resources in the Caspian Sea’s Chilikin Contractual Area under a production sharing agreement.

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