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Dubai’s Dragon Oil Amplifies Investments in Turkmenistan: A Strategic Expansion in Oil and Gas

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Strengthening Bilateral Ties: Dragon Oil’s Increased Presence in Turkmenistan’s Energy Sector”

Dubai’s Dragon Oil, fully funded by the Dubai Government, has recently broadened its investments in Turkmenistan, marking a significant step in the company’s global expansion strategy. This move was formalized through a Memorandum of Understanding (MoU) with Turkmenistan’s State Concern “Turkmennebit”.

The MoU, signed by Dragon Oil’s CEO, Ali Rashid Al Jarwan, and Aghajanov Jovansh, Head of Turkmenneft, focuses on three new offshore oil fields within Block 19. This expansion aligns with Dragon Oil’s goal of increasing production and enhancing the energy sector in Turkmenistan. The company, having a longstanding presence in Turkmenistan for over 20 years, views this as an opportunity to reinforce its cooperation with the Turkmen government, simultaneously benefiting both parties economically and technologically.

Key figures from both nations attended the signing ceremony, including high-level officials and dignitaries, emphasizing the importance of this partnership. Discussions centered around enhancing bilateral cooperation and developing the oil and gas industry in Turkmenistan, leveraging Dragon Oil’s expertise and achievements in these areas.

Dragon Oil has committed to supporting the Turkmen health sector, notably during the COVID-19 pandemic, by providing ambulances and medical clinics. This humanitarian aspect of the partnership was highlighted by Gurbanguly Berdimuhamedov, the National Leader of Turkmen Nation.

The agreement also involves transferring modern technology in the oil sector to Turkmenistan, with a focus on developing the fields covered by the MoU. Block 19, near the Cheleken Contract Area, is a promising location for Dragon Oil’s expansion plans, having already conducted a seismic survey costing $35 million. The next stages involve drilling appraisal wells, followed by the development and exploration of new fields aimed at crude oil production.

Dragon Oil’s engagement in Turkmenistan, dating back to 2000, primarily revolves around hydrocarbon extraction in the Caspian Sea’s Cheleken Contract Area. This latest development not only reinforces Dragon Oil’s commitment to Turkmenistan but also illustrates the company’s strategic vision in strengthening its global footprint in the energy sector

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