Dubai’s Dragon Oil extends partnership with Turkmenistan’s state oil company for 10 years – The National

Dubai’s Dragon Oil extends partnership with Turkmenistan’s state oil company for 10 years – The National

Dragon Oil, a subsidiary of Dubai's Emirates National Oil Company (Enoc), has signed an agreement with Turkmenistan's state-owned Turkmen Oil to extend their partnership for another 10 years.

Under the $1 billion renewed partnership, which begins in May 2025, Dragon Oil will pay $500 million in cash, with the remaining half spread out over the next 13 years, UAE state news agency Wam reported.

Dragon Oil has invested about $8.1bn in well drilling and production infrastructure over its 22 years in Turkmenistan, achieving a cumulative production of 437 million barrels of crude oil.