Dubai’s Dragon Oil renews contract in Turkmenistan in $1 billion deal – Arabian Business

Dubai’s Dragon Oil renews contract in Turkmenistan in $1 billion deal – Arabian Business

Dubai-owned upstream exploration and production company Dragon Oil has extended its partnership contract with Turkmenistan’s national oil firm for another 10 years with a total value of $1 billion.

The company, which has since been operating in the Central Asian country for more than two decades, said the extension would effectively expand its programs in Turkmenistan, with the cumulative crude oil production to reach 350 million barrels by 2035.

Under the deal, $500 million will be paid in cash, and the rest will be paid over the next 13 years.