A delegation led by Saeed Mohammed Al Tayer, chairman of the Board of Directors of Dragon Oil, met with key officials in Turkmenistan to discuss advancements in the oil and gas sector. Al Tayer expressed his appreciation to President Serdar Berdimuhamedov for the warm welcome, hospitality, and ongoing support extended to the company, which is fully owned by the Government of Dubai.
During the visit, Al Tayer engaged in a productive discussion with Batyr Amanov, deputy prime minister of Turkmenistan, and Guvanch Agajanov, chairman of Turkmen Oil, at the Cabinet building in Ashgabat, the capital of Turkmenistan.
The meeting featured several members of Dragon Oil’s Board of Directors, including Hussain Lootah, Board Secretary Qusai Al-Shared, and CEO Ali Rashid Al-Jarwan, along with various company officials.
Future opportunities
Both parties emphasized the importance of continuing their successful collaboration, reviewing significant investment initiatives in the “Cheleken” area and the “Block 19” project. Al Tayer reaffirmed the company’s commitment to sustainability, aiming for zero gas emissions by 2027.
Read more: Dubai’s Dragon Oil signs $1 billion extension deal with Turkmenistan
Amanov praised the partnership and invited Dragon Oil to participate in an Investment Forum scheduled for September 2024 in Ashgabat.
Investment and production goals
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. Dragon Oil is dedicated to using advanced technologies and best practices in oil and gas production for mutual benefit until 2035.
Environmental commitment
The delegation underscored its commitment to environmental protection, focusing on developing standards to minimize pollution and mitigate impacts on the Caspian Sea. Efforts are underway to achieve zero emissions by 2027 through various initiatives, including ceasing gas flaring and increasing gas re-injection.
Exploration and marketing strategies
The meeting also addressed production enhancement through optimal methods and exploration in new areas, including the west of the Zhdanov field and Block 19.
Moreover, both parties discussed new marketing strategies for crude oil in Turkmenistan, reinforcing their commitment to strategic cooperation and mutual benefits, ultimately enhancing the local economy and solidifying their partnership.
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