Deal will enable the company to transfer technology and modern technology in the oil sector
Dragon Oil Company, fully funded by the Dubai Government, recently signed a Memorandum of Understanding with the Turkmenistan State Concern ‘Turkmennebit’.
The agreement included expanding Dragon Oil Company’s investments in the promising Turkmen oil and gas sector, which includes three new offshore oil fields within Block 19.
The memorandum was signed on the Emirati side by Ali Rashid Al Jarwan, CEO, Dragon Oil, and Aghajanov Jovansh, Head of the State Department ‘Turkmenneft’, on the Turkmen side. On the sidelines of the signing, Al Jarwan also met Gurbanguly Berdimuhamedov, President, Turkmenistan.
Oil and gas capabilities
“The company is moving to expand investment in 3 oil fields with the aim of raising and increasing production in the near future. Turkmenistan is a particularly important oil country and has large oil and gas capabilities,” commented Al Jarwan.
Referring to the agreement, Al Jarwan explained that the memorandum will enable the company to transfer technology and modern technology in the oil sector while making technical and financial investment to develop the fields covered by the memorandum.
Dragon Oil has been engaged in oil and gas cooperation with Turkmenistan on the basis of a production sharing agreement since 2000. Its primary focus is on the extraction of hydrocarbon resources in the Caspian Sea, in the Cheleken Contracts Area.
Dragon Oil is a Dubai government company specializing in the exploration, development, and production of oil and gas in Turkmenistan, Egypt, and Iraq.
