During his most recent visit to Turkmenistan, Saeed Mohammed Al Tayer, chairman of the board of directors of Dragon Oil, wholly owned by the government of Dubai, inaugurated the company’s largest regional office outside the United Arab Emirates in the capital Ashgabat.
The inauguration saw the attendance of Dragon Oil’s high-level official delegation of board members, reinforcing the company’s expansion of investments in the promising Turkmen oil and gas sector. Ali Rashid Al-Jarwan, CEO of Dragon Oil, along with a number of senior officials from various departments of the company and employees of Dragon Oil’s Turkmenistan office were also present at the launch of the new regional office.
“The opening of the company’s regional office in Turkmenistan is the culmination of more than 25 years of presence here. With this, we inaugurate a new chapter of serious and productive cooperation with Turkmenistan,” stated Al Tayer.
Dragon Oil seeks to raise production
Dragon Oil seeks to raise its total production in the countries where it operates to 250,000 barrels per day by the end of 2025 from the current 180,000 barrels. With that goal in mind, the company aims to give its investments in Turkmenistan additional attention.
Therefore, the new regional office in Turkmenistan is an important step for Dragon Oil to achieve its strategic goals, such as venturing into the blue hydrogen industry by 2029 and increasing its investments by raising oil production capacity in the Turkmen market, which currently stands at about 60,000 barrels, and through investment projects in renewable energies.
“It is also a confirmation of the strategic partnership that unites us with the Turkmen government, as Turkmenistan is one of the oldest countries with vast oil and gas reserves and is an important destination for this industry,” Al Tayer added.
The new office is located in the center of the Turkmen capital, spanning an area of 1,600 square meters, making it the largest of Dragon Oil’s offices in Turkmenistan. It houses more than 60 employees distributed across 15 different departments.
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Dragon Oil’s Turkmenistan investments
During the visit to Turkmenistan, Al Tayer held discussions with key government figures. The two parties reviewed significant investment initiatives in the Cheleken area and the Block 19 project. Al Tayer also reaffirmed the company’s commitment to sustainability, aiming for zero gas emissions by 2027.
The discussions also highlighted an investment of over $10 billion to enhance production in the Cheleken concession area, with cumulative production reaching 447 million barrels. The meeting also addressed production enhancement through optimal methods and exploration in new areas, including the west of the Zhdanov field and Block 19.
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