Dragon Oil is eying new developments in Turkmenistan, Iraq and Egypt after having survived the challenges of 2020, according to Ali Rashid Al Jarwan, Chief Executive Officer (CEO) of Dragon Oil, an upstream oil and gas exploration, development, and production company fully-owned by Dubai’s Government.
"At Dragon Oil, we are determined to achieve our sustainable growth targets through unlocking new opportunities around the world, including Turkmenistan, Iraq and Egypt. The board has put a strategy for us to increase production from 160,000 barrels per day currently to 300,000 bpd by 2026," he added.
Al Jarwan made the statements at a press conference during the 2021 edition of the Society of Petroleum Engineers’ Annual Technical Conference and Exhibition (ATCE), which commenced on September 21st, 2021 in Dubai. The 97th edition of the ATCE will be held under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.
The event will run from September 21st-23rd in the presence of international speakers who will address the strategies needed to maintain business continuity and the guiding principles to remain competitive. Industry influencers will discuss topics such as net-zero transition, post-pandemic business models and strategies, accelerating the uptake of new technology applications, funding future projects, energy mix collaboration, and more.
The three-day event’s technical program will include a plenary session, five syndicate sessions, five regional sessions and more than 60 technical sessions that will occasion a rich exchange of views and knowledge through 400 technical papers, carefully selected out of 2000 submitted papers addressing topics of relevance to the E&P. In the meantime, over 60 companies from 12 countries will be participating in the concurrent exhibition to showcase a wide range of current and future technologies with demonstrations and interactive screens, offering visitors an engaging experience to discover the latest technologies in the E&P industry.
Al-Jarwan affirmed that Dragon Oil achieved a positive performance in 2020, and continues to maintain steady annual growth in 2021 despite the unprecedented challenges facing all companies around the world due to the COVID-19 pandemic. He stated that their revenues are projected to get a fresh boost this year, driven by the global crude oil prices rise to $75 pb recently. Dragon Oil has recently renewed its contract in Turkmenistan for 10 additional years at a total value of $400 million. The contract was due to expire in 2025.
