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Dragon Oil, a subsidiary of Dubai’s Emirates Nationwide Oil Firm (Enoc), has renewed its contract with Turkmenistan’s state-owned firm Turkmen Oil for an extra ten years.
The renewed contract shall be efficient from Could 2025 and is valued at $1bn, reported UAE state information company WAM.
Of the whole worth, Dragon Oil pays $500m in money whereas the remaining quantity shall be paid over the following 13 years.
Over a interval of twenty-two years, Dragon Oil has invested roughly $8.1bn in effectively drilling and manufacturing infrastructure in Turkmenistan. The agency has a cumulative manufacturing of 437 million barrels of crude oil.
Future investments are anticipated to achieve between $7bn and $8bn. That is anticipated to lead to manufacturing ranges growing by 60,000 to 70,000 barrels a day, reaching roughly 350 million barrels by 2035.
Dragon Oil’s most important producing asset is the Cheleken complicated, situated within the East Caspian Sea in Turkmenistan. It contains two main offshore oil and gasoline fields, Lam and Zhdanov.
The partnership additionally covers one other potential complicated situated roughly 10km to 40km off the coast of the Chiliken Peninsula.
Dragon Oil CEO Ali Al Jarwan stated: “We welcome the signing of the contract extension settlement, which represents a continuing dedication by Dragon Oil in direction of its worthwhile investments within the oil and gasoline sector in Turkmenistan.
“The signing of this contract additionally marks a milestone in Dragon Oil’s journey in a sustainable strategic development and inside the plan to finish development and enlargement in its working markets, together with Turkmenistan, Egypt, and Iraq, by persevering with to accentuate exploration work, develop fields, and restore wells, to extend manufacturing capability to 300 thousand barrels per day by 2026.”
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