Dragon Oil extends partnership agreement in Turkmenistan

Dragon Oil extends partnership agreement in Turkmenistan

Dragon Oil, an exploration and production platform totally owned by the Government of Dubai, has renewed the partnership contract in Turkmenistan with the state-owned company, Turkmen Oil, from May 2025, for a period of ten additional years with a total value of $1 billion, $500 million will be paid in cash, while the remaining $500 million will be paid over the next 13 years, which includes the company’s commitment towards the support of the Turkmen government’s projects, community development, education, public health and some benefits of the co-production. The signing ceremony of the agreement was held in the Turkmen capital, Ashgabat, with the presence of Engineer Ali Al-Jarwan, CEO of Dragon Oil and a few members of the company’s executives. The Cheleken complex, located in the East Caspian Sea in Turkmenistan, is the main producing asset of Dragon Oil, and consists of two major offshore oil and gas fields, Lam and Zhdanov, which have been successfully developed and maintained since 2000, in addition to one more potential complex, which all located around 10-40 kilometers off the coast of the Chiliken Peninsula and at water depths of 10 to 30 metres. Over a 22-year period, the company has spent $8.1 billion