DUBAI: Dragon Oil Company, wholly owned by the Government of Dubai, will begin next December the process of exploring the first well within Block 19 in Turkmenistan, as a culmination of the memorandum of understanding signed with the “Turkmennebit” State Concern of Turkmenistan, which included the expansion of Dragon Oil’s investments in the oil sector aimed at production of oil and gas from three new oil fields within Block 19 at the Turkmenistan Sector of the Caspian Sea.

On the other hand, the two parties agreed, during the recent visit that led the company’s delegation to Turkmenistan, to exchange technical information between the two parties, including information related to two wells that the company requested and will obtain within the next week, which will help to design the exploratory well, reduce costs, and other positive matters of this agreement.

In line with the efforts led by Saeed Mohammed Al Tayer, Chairman of the Company’s Board of Directors, through the World Green Economy Summit, Dragon Oil is working to implement many sustainable development projects, such as stopping gas burning, reducing emissions, and a project to plant more than 10,000 trees at the operating site in the city of Hazar and other areas. Sustainability projects that never stop, by the Sustainable Development Goals and COP28 outcomes.

As a culmination of the strong relations that bring together the two countries with the support of the wise leadership of the two countries, and as an extension of the recent meeting in Dubai, the company’s technical delegation visited Turkmenistan to implement the terms of the memorandum of understanding signed in Dubai in January, and this step is an embodiment of a series of meetings between the governments of the two countries, the most recent of which is the visit of Gurbanguly Berdimuhamedow, Chairman of the People's Council of Turkmenistan and National Leader of the Turkmen People, and before that the meetings held with Serdar Berdimuhamedow, President of Turkmenistan, on the sidelines of the COP 28 Conference of the Parties in Dubai.

Ali Rashid Al Jarwan, CEO of Dragon Oil Company, said, “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. ”

Al Jarwan added, “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,” adding, “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.”