ASHGABAT, Turkmenistan, October 21. Dragon Oil
intends to reach an agreement with the government of Turkmenistan
and the state-owned concern “Turkmennebit” to extend their
cooperation beyond 2035, when the current Production Sharing
Agreement (PSA) expires, the CEO of the company, Abdulkarim Al
Maazmi said, Trend's
special correspondent reports.


He made the announcement at the “Oil and Gas of Turkmenistan –
2026” (OGT 2026) international conference and exhibition in
Ashgabat.


“We look forward to close cooperation with the Government of
Turkmenistan and ‘Turkmennebit’ to reach a mutually beneficial
agreement that will allow us to extend our partnership beyond
2035,” he said.


According to Al Maazmi, the company sees significant
opportunities to develop additional resources, increase oil
recovery rates, modernize infrastructure, and extend the productive
life of existing fields.


He emphasized that Turkmenistan remains a key focus for Dragon
Oil, despite the company’s expanding international presence in
Egypt and Iraq.







Abdulkarim Al Maazmi reported that since beginning operations in
Turkmenistan in May 2000, Dragon Oil has invested approximately $12
billion in the country, and its cumulative oil production has
exceeded 490 million barrels.


According to him, the company currently employs about 2,200
people in Turkmenistan, with 93% of its workforce consisting of
Turkmen citizens. Dragon Oil has also supported more than 200
corporate social responsibility projects in the areas of
healthcare, education, culture, and local community
development.


The company’s CEO added that, as part of its development
strategy through 2030, Dragon Oil expects to reach a net production
rate of 200,000 barrels of oil per day. To achieve this, the
company plans to develop its existing assets, make new investments
in the upstream segment, and consider strategic acquisitions.


Meanwhile, Dragon Oil began operations in Turkmenistan in 2000,
starting development of the Cheleken contract area in the Caspian
Sea. The company is a subsidiary of the Emirates National Oil
Company (ENOC), which is owned by the government of Dubai.