Dragon Oil signs $1 bn extension deal with Turkmenistan

First $500 million will be paid in cash
Dragon Oil signs $1 bn extension deal with Turkmenistan
Top officials during the signing ceremony in Ashgabat, Turkmenistan

Dragon Oil, the Dubai government’s production and exploration firm, has renewed its contract with Turkmenistan’s Turkmen Oil for a further period of 10 years from May 2025. The total value of the contract is $1 billion of which $500 million will be paid in cash, while the remaining $500 million will be allocated over the next 13 years. 

This includes the company‘s commitment to the support of the Turkmen government’s projects, community development, education, and public health. 

Moreover, Dragon Oil’s investments, during the contract extension period, are expected to reach another $7-8 billion to support expansion and development programs. 

Future production levels would range between 60-70 thousand barrels per day. The cumulative production of crude oil is expected to reach 350 million barrels until the year 2035.

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