Dragon Oil expands investments with Turkmenistan Oil deal

Dragon Oil expands investments with Turkmenistan Oil deal

Dragon Oil Company, wholly owned by the Government of Dubai, has signed a Memorandum of Understanding (MoU) with Turkmenbet Company (Turkmenistan Oil), expanding its investments in the Turkmen oil and gas sector, including three new oil fields within Block 19, stated Emirates News Agency (WAM).

Touching on the agreement, Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil 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, pointing out that the memorandum is only the first of the excellent relations that we have brought together with Turkmenistan.

Al Tayer stated that Block 19 includes the three new fields close to the Chelken field in which we operate the concession, where we conducted a seismic survey at a cost of $35 million, and the results of the analysis we conducted showed that Block 19 is promising, adding, “Our expansion plans in Turkmenistan are located in An area close to the Chilken field is a promising area, and we know it well.”

He pointed out that the next stage after signing the goodwill agreement is to drill two