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Dragon Oil and Turkmenistan extended the contract for oil production until 2035

12:2501.07.2022
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Dragon Oil and Turkmenistan extended the contract for oil production until 2035

The State Concern “Turkmennebit” and Dragon Oil (Turkmenistan) Ltd signed a contract to extend the oil production agreement until May 1, 2035, reports the “Nebit-gaz” newspaper.

As Ali Al Jarwan, CEO of Dragon Oil, noted the company intends to invest heavily between 2025 and 2035, which will contribute to a significant increase in additional crude oil production in Turkmenistan.

The chairman of the State Concern “Turkmennebit” Guvanch Agajanov in his turn noted that in the next 10 years the state concern plans to accelerate the work on the development of the Turkmen shelf of the Caspian Sea, in particular, at the field of the contractual territory “Cheleken”.

Let us note that we are talking about increasing the average daily production of hydrocarbons from 7 thousand to 80 thousand barrels per day. This was also achieved thanks to 17 wells drilled, 5 at the “Jygalybeg” field and 12 at the “Jeytun” field.

Turkmenistan's previous contract with Dragon Oil was calculated until May 1, 2025.

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