Dubai-owned Dragon Oil Holdings is planning to boost its crude production by nearly 120,000 barrels per day (bpd) through expansions in its operations in Iraq and Turkmenistan, its CEO said in press comments published on Wednesday, ZAWYA reports.
Ali Al-Jarwan told that the Company, which is wholly owned by the Emirates National Oil Company (ENOC), currently produces 180,000 bpd from its facilities abroad and is planning to boost output to 300,000 in 2026.
The growth in production is expected to be ensured by expanding operations in some countries, mainly Turkmenistan, Egypt and Iraq.
“We now have an ambitious expansion plan outside the UAE…we are currently aiming to expand our operations in Iraq and Turkmenistan, which we give priority for the time being…we are also looking for new opportunities in other countries, including Azerbaijan,” Jarwan said.
The Emirati company has been operating in Turkmenistan since 2000 on the basis of the Production Sharing Agreement. Dragon Oil’s main activity in Turkmenistan is hydrocarbon production in the Cheleken contract area in the Caspian Sea through the development of the Jeitun and Jygalybeg oil fields. Dragon Oil has invested over 8 billion USD in the project.///nCa, 5 October 2023
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