Turkmenistan President Saparmurat Turkmenbashi recently received a brief on the progress of Dragon Oil, the independent oil and gas exploration and production company of which Emirates National Oil Company (ENOC) is the major shareholder. The brief came in a meeting between the President and Chairman and Chief Executive of Dragon, Hussain Sultan.
During the meeting Hussain Sultan explained to the President that last year Dragon increased its daily oil production from 6,000 barrels per day (bpd) to 15,000 bpd after Dragon drilled four new wells.
During the meeting, President Turkmenbashi expressed his country’s willingness to assist Dragon in fast-tracking its operations in Turkmenistan. As part of Dragon’s plans to further develop the field, Dragon will shortly sign a contract for a jack-up oil rig to be used for drilling offshore. Hussain Sultan commented: “Currently we are in the final stage of talks on this contract with drilling work expected to start in November using this jack-up rig.”
Dragon Oil is an independent oil and gas exploration and production company. The company has issued shares of 362 million as of September 2000, traded under a dual primary listing on the Stock Exchanges in London and Dublin. In 1999, (ENOC) became the major shareholder in Dragon, and currently holds 66.7 percent of the shares. Dragon’s principal interests are located in the Cheleken Contract Area in the Caspian Sea, offshore Turkmenistan. Production will be increased under the next phase of this development plan, which Dragon started early in 2000. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
