Dubai’s Dragon Oil & Turkmen Oil extend partnership with $1bn Investment

Dubai’s Dragon Oil & Turkmen Oil extend partnership with $1bn Investment

Dubai government-owned Dragon Oil, an exploration and production platform, has renewed the partnership contract in Turkmenistan with the state-owned company, Turkmen Oil, until May 2025, for a period of ten additional years with a total value of $1 billion.

The company will pay $500 million in cash and the remaining $500 million over the course of 13 years. This sum will cover the company’s commitment to supporting the projects of the Turkmen government, community development, education, public health, and some co-production benefits.

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 to 40 kilometers off the coast of the Cheleken Peninsula and at water depths of 10 to 30 meters.

Over a 22-year period, the company has spent $8.1 billion on wells drilling and setting up sustainable