Dragon Oil Enhances Strategic Alliance With Turkmen Government In Energy Sector

Saeed Mohammed Al Tayer, Chairman of Dragon Oil's Board of Directors, expressed gratitude to Turkmenistan's President Serdar Berdimuhamedov for his hospitality and ongoing support for the company. A delegation led by Al Tayer met with Batyr Amanov, Deputy Prime Minister of Turkmenistan, and Guvanch Agajanov, Chairman of Turkmen Oil, in Ashgabat to discuss oil and gas sector developments.

During the meeting, Al Tayer highlighted long-term investment projects in the Cheleken area and Block 19. He reaffirmed Dragon Oil's commitment to sustainability goals, aiming to reduce gas emissions to zero by 2027. The company plans to stop gas flaring during operations and increase gas re-injection into oil wells.

Amanov praised the cooperation between Dragon Oil and the Turkmen government. He invited Dragon Oil to participate in an Investment Forum scheduled for September 2024 in Ashgabat. This invitation underscores the strong partnership between both parties.

The meeting addressed a significant investment of over $10 billion to develop production from the Cheleken concession area. Cumulative production has reached 447 million barrels. Dragon Oil continues using advanced technologies and practices for oil and gas production until 2035.

Dragon Oil also emphasised its commitment to environmental protection during operations. The company is developing inspection, maintenance, and operational standards to minimise pollution and reduce impacts on the Caspian Sea's natural conditions.

Exploration and New Concessions

Both parties discussed exploring new areas like the west of Zhdanov field, which added reserves of 30 million barrels of oil. They are also exploring Block 19 nearby to enhance existing production facilities. Additionally, there is interest in obtaining more offshore concessions such as Dongolok site and possibly Block 20.

The meeting included members of Dragon Oil's Board of Directors: Hussain Lootah, Board Secretary Qusai Al-Shared, Ali Rashid Al-Jarwan (CEO), and other officials from various departments. They discussed continuing successful cooperation with the Turkmen government.

Marketing Strategies for Crude Oil

New plans for marketing Dragon Oil's crude oil in Turkmenistan were reviewed. This strategic step aims to achieve mutual benefits through enhanced marketing operations and improved distribution efficiency. It reflects both parties' commitment to strengthening their partnership.

The cooperation confirms mutual trust between Dragon Oil and the Turkmen government. Both sides seek to improve marketing operations in a way that benefits the local economy while enhancing sustainability in their relations.

This productive meeting underscored Dragon Oil's dedication to using best practices for oil and gas production while focusing on environmental sustainability. The company's efforts align with its goal of achieving zero emissions by 2027 through innovative methods like increasing gas sales to the government.

With inputs from WAM