“Dragon Oil” commenced its first exploratory drilling in Block 19 in Turkmenistan in December

In December 2024, Dragon Oil, a company owned fully by the Dubai government, will begin exploration for the first well in Block 19 in Turkmenistan. This marks the culmination of the memorandum of understanding signed with Turkmenbashi Oil in January, which included the expansion of Dragon Oil’s investments in the promising Turkmen oil and gas sector. This sector comprises three new oil fields within Block 19.

On the other hand, both parties agreed during the recent visit led by the company’s delegation to Turkmenistan, to exchange technical information between them, including information related to two wells requested by the company, which will be obtained within the next week. This will help in designing the exploratory well, reducing costs, and other positive aspects of this agreement.

In line with the efforts led by Saeed Mohamed Al-Tayer, Chairman of the Company’s Board of Directors, through the Global Summit for Green Economy, Dragon Oil is working on implementing several sustainable development projects, such as halting gas flaring, reducing emissions, and a project to plant over 10,000 trees at the operating site in Hazar City and other ongoing sustainability projects, in accordance with the Sustainable Development Goals and the outcomes of COP 28.

As a culmination of the strong relationship that exists between the two countries, with the support of the wise leadership in both states, and as an extension of the recent meeting in Dubai, the technical delegation of the company visited Turkmenistan to implement the provisions of the memorandum of understanding signed in Dubai last January.

Engineer Ali Rashid Al Jouran, CEO of Dragon Oil, said:

“The first phase includes the exploration of carbon materials in the well of oil and gas, in block 19, which covers an area of 3800 square kilometers. Initial data indicates the presence of abundant carbon materials due to its location in a geologically rich area.”

The Jouran added:

“After the exploration, we enter the field testing phase and aim to extract 20,000 barrels of oil per day. If the initial explorations are positive regarding hydrocarbon abundance, we will develop a comprehensive plan for the field. The exploration process will begin in December, and last for three months, and with examination, it will increase to four months. Following that, Dragon Oil will start developing the field, benefiting both parties.”