Turkmenistan President Saparmurat Turkmenbashi recently received a brief on the progress of Dragon Oil Plc, the independent oil and gas exploration and production company, of which Emirates National Oil Company Ltd (ENOC) LLC is the major shareholder.
The brief came in a meeting between the President and Hussain Sultan, chairman and chief executive of Dragon. During the meeting Hussain Sultan explained to the President that by the end of 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 a 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.
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 Plc is an independent oil and gas exploration and production company.
Dragon 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, Emirates National Oil Company Ltd (ENOC) LLC 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.
Subject to availability of funds for substantial development forecast production levels are expected to increase to 65,000 bpd, materially enhancing the economic value of Dragon's interest.
Longer term, the Dragon's strategy will be to invest in oil and gas projects in the Middle East and Caspian region. In July 1999, Dragon's head office was transferred to Dubai, United Arab Emirates (UAE). — (menareport.com)
© 2003 Mena Report (www.menareport.com)
