In December 2024, Dragon Oil will begin the process of exploring the first well within Block 19 in Turkmenistan in accordance with the memorandum of understanding signed with the State Concern of Turkmenistan Turkmennebit (Turkmen Oil). The document provides for the expansion of Dragon Oil’s investments in the oil sector aimed at producing oil and gas at three new oil fields within Block 19 in the Turkmen sector of the Caspian Sea, the Emirati news agency WAM reports.
As explained by Dragon Oil CEO Ali Rashid Al Jarwan, “the first phase includes exploring carbonaceous materials in the oil and gas well, in Block 19, which has an area of 3,800 square kilometres, as preliminary data indicate that it contains a lot of carbonaceous materials due to their occurrence in a rich geological area.”
“After exploration, we will enter the field-testing phase and aim to extract 20,000 barrels per day of oil, and if the initial explorations are positive regarding the abundance of hydrocarbon materials, we will develop an integrated plan to develop the field,” he said.
“The exploration process will begin next December and continue for three months. With the examination, it will increase to four months, after which Dragon Oil will begin developing the field for the benefit of both parties”, Al Jarwan added.
During the recent visit of the company’s delegation to Turkmenistan, both sides agreed to exchange technical information between the two sides, including data on two wells. Dragon Oil anticipates to receive this information within the next week. They will help to design an exploration well and reduce costs.
In line with the efforts led by the Chairman of the company’s Board of Directors, Saeed Mohammed Al Tayer, Dragon Oil is working on the implementation of many sustainable development projects in Turkmenistan. These projects cover initiatives such as stopping gas burning, reducing emissions and planting more than 10,000 trees at the company’s operating site in Khazar and other areas. ///nCa, 9 February 2024