Dragon Oil: $8 billion oil projects in the Caspian Sea

Ashgabat, Turkmenistan – His Excellency Ali Rashid Al Jarwan, CEO of the Emirati company Dragon Oil, revealed that the value of the company’s projects in the Caspian Sea amounted to about 8 billion dollars, pointing to the company’s shift to producing environmentally friendly hydrocarbons.

  The value of the company’s oil production outside the Emirates currently amounts to about 180,000 barrels per day, while we plan to increase production operations to 300,000 by 2026, Al-Jarwan added in a special interview during the inauguration of the pavilion and the company’s new logo at the International Oil and Gas Conference and Exhibition in the Turkmen capital. Ashgabat: “Our company is pursuing a strategy based on innovation and the latest technologies with the aim of diversifying its portfolio in order to achieve sustainable development and create value for its shareholders.”

He explained: “We currently acquire 23 fields that produce about 60 thousand barrels per day in Egypt, and we are currently working to increase our oil production in the Arab Republic of Egypt, by about 27% during the current October, by 70 thousand barrels per day, indicating that production will begin within two months from the North field. Al-Safa in the Gulf of Suez, with a capacity of 15 thousand barrels per day of oil.

Al-Jarwan said: “We are working to not burn gas in Turkmenistan by 2027, explaining that it currently uses 70% of the gas we produce, but within three years, we hope to reach 100 percent, which will make our production of the material.”

He added: “We have recently completed a three-dimensional survey of the field in cooperation with the strategic partner, Turkmen Oil Company Türkmennebit, which contributes to accurately determining the sediment lines and precisely determining the location of drilling points.” He said: “Dragon Oil” is focusing on the production of hydrocarbons in “Chilikin region in the Caspian Sea, as well as the development of the oil fields in Jeton and Jegalybeg.”

Al-Jarwan said: “Pioneering plans have been approved to expand our activity and business, especially in Turkmenistan, as we are the only foreign oil operator in this country. We also have plans in southern Iraq, with good investments, and Azerbaijan, as new opportunities for us.”