Dubai: Dragon Oil Company, which is fully funded by the Dubai Government, signed a Memorandum of Understanding with the Turkmenistan State Concern “Turkmennebit”. The agreement included expanding Dragon Oil Company’s investments in the promising Turkmen oil and gas sector, which includes three new offshore oil fields within Block 19.

The memorandum was signed on the Emirati side by His Excellency Ali Rashid Al Jarwan, CEO of Dragon Oil, and Aghajanov Jovansh, Head of the State Department “Turkmenneft,” on the Turkmen side.

The signing of the agreement was attended by His Excellency Mr. Gurbanguly Berdimuhamedov, National Leader of Turkmen Nation, His Excellency Mr. Meredov Rashid, Deputy Chairman of the Cabinet of Ministers of Turkmenistan and the Minister of Foreign Affairs of Turkmenistan, His Excellency Mr. Amanov Batyr, Deputy Chairman of the Cabinet of Ministers of Turkmenistan, His Excellency Mr. Begliyev Ashyr, Advisor to the President of Turkmenistan on Oil and Gas Issues, His Excellency Mr. Babayev Maksat, Chairman of the State Concern “Turkmengas” and His Excellency Mr. Agajanov Guvanch, Chairman of the State Concern “Turkmennebit”. From the UAE side, His Excellency Mr. Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil, His Excellency Mr. Ahmed Al Hai Al Hameli, UAE Ambassador to the Republic of Turkmenistan, His Excellency Mr. Ali Rashid Al Jarwan, CEO of Dragon Oil, and His Excellency Mr. Saeed Salem Al Shamsi, Marketing and Corporate Communications Manager of Dragon Oil Company, attended the meeting.

On the sidelines of the signing, the His Excellency Mr. Gurbanguly Berdimuhamedov, National Leader of Turkmen Nation, met with the Chairman of the Board of Directors of Dragon Oil Company, His Excellency Mr. Saeed Mohammed Al Tayer. During the meeting, the two sides discussed ways to further enhance bilateral cooperation and explore the possibilities of developing the energy sector and oil and gas industry in Turkmenistan, given the extensive experience and Dragon Oil's notable achievements in these areas.

The National Leader of the Turkmen People, Gurbanguly Berdimuhamedov, thanked and expressed great gratitude to Dragon Oil Company for its support of the Turkmen health sector with health equipment and medicines, especially during the Covid-19 period, as the company provided about 19 ambulances and three clinics equipped with all medical equipment intended for Covid patients, in addition to For the integrated clinics it has provided in the company’s fields to serve its employees.For his part, His Excellency Mr. Ali Rashid Al Jarwan, CEO of Dragon Oil, said, “The signing of the Memorandum of Understanding with Turkmenistan reflects the great confidence that the company effectively cooperates with the Government of Turkmenistan, whose presence in this hospitable country dates back more than 20 years.”

His Excellency Mr. Ali Rashid Al Jarwan added: “The company is moving to expand investment in 3 oil fields with the aim of raising and increasing production in the near future. Turkmenistan is a very important oil country and has large oil and gas capabilities. We are seeking to strengthen our presence there through new investments that will reflect positively on both parties on the one hand enhancing the state’s income from revenues and creating new work jobs, especially since the company counts more than 2,000 employees in Turkmenistan.”

Touching on the agreement, His Excellency Mr. Al Jarwan explained that the memorandum will enable the company to transfer technology and modern technology in the oil sector while making technical and financial investment to develop the fields covered by the memorandum, pointing out that the memorandum is only the first of the excellent relations that we have brought together with Turkmenistan.

His Excellency Mr. Al Jarwan stated that Block 19 includes the three new fields close to the Cheleken Contracts Area  in which we operate the concession, where we conducted a seismic survey at a cost of 35 million dollars, and the results of the analysis we conducted showed that Block 19 is promising, adding, “Our expansion plans in Turkmenistan are located in an area close to the Cheleken Contracts Area, which is a promising area and we know it well.”

He pointed out that the next stage after signing the Memorandum of Understanding is to drill two to three appraisal wells, while the third stage is the stage of development and exploration of the new field aimed at production of crude oil.

Dragon Oil has been engaged in oil and gas cooperation with Turkmenistan on the basis of a production sharing agreement since 2000. Its primary focus is on the extraction of hydrocarbon resources in the Caspian Sea, in the Cheleken Contracts Area.

About Dragon Oil:

Dragon Oil is a Dubai government company specializing in the exploration, development, and production of oil and gas in Turkmenistan, Egypt, and Iraq. The group's headquarters is located in the Emirate of Dubai in the United Arab Emirates.