Dragon Oil, wholly owned by the Dubai government, is looking to enhance its existing production facilities and secure additional offshore concessions in Turkmenistan.

New areas are being explored, such as the west of Zhdanov field, which added reserves of 30 million barrels of oil, and Block 19 to increase production at existing facilities, the company said in a statement.

In addition, the oil and gas company is targetting new concessions, such as the Dongolok site and Block 20.

Discussions regarding these plans took place between Saeed Mohammed Al Tayer, Chairman of Dragon Oil, Batyr Amanov, Deputy Prime Minister of Turkmenistan, and Guvanch Agajanov, Chairman of Turkmen Oil.

Dragon Oil is committed to environmental protection during operations by developing inspection, maintenance, and operational standards to minimise pollution and reduce the impact on the natural conditions of the Caspian Sea, Al Tayer said. 

He added that work is underway to achieve zero emissions by 2027 by eliminating gas flaring, increasing gas re-injection into oil wells and gas sales to the government.

The meeting also explored the investment of more than $10 billion to develop production from the Cheleken concession area, with cumulative production reaching 447 million barrels.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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