UAE-Turkmenistan Energy Cooperation

The economic relations between the UAE and Turkmenistan were witnessed, as emphasized by Ahmed Al Sayegh, the UAE’s Minister of State,

The UAE Minister of State said during the work of the International Forum on Investment in Turkmenistan’s Energy Sector: “The UAE has a long and close relationship with Turkmenistan, noting that the partnership between the two countries supports the global energy market. He noted that the UAE continues to cooperate with Turkmenistan to develop various other strategic sectors such as ports, transport and logistics and to extend our cooperation to various major global issues such as climate change.”

Engineer Ali Rashed Al-Jarwan, Chief Executive Officer of Dragon Oil, the Government of Dubai’s wholly owned exploration and production platform, noted that since 2000, the company has invested up to $8 billion in Turkmenistan, expecting to invest an additional 8 billion by 2035, with the renewal of Turkmenistan’s production partnership for an additional 10 years beginning 2025.

In press releases, he noted that the operational and investment budget for the company’s operations in Turkmenistan amounted to $750 million annually.

Dragon Oil’s production volume in the wells of the Chilekin region of Turkmenistan is 60 thousand barrels per day and aims to develop production in the fields on which it operates to 70% in the coming years. The concession includes 3 productive fields in this area of up to 1,000 square kilometres in addition to promising fields that have not yet been explored and which the company aims to develop in the coming period.”

In a speech on his behalf, the President of Turkmenistan, Sardar Berdi Mohammadu, underlined the importance of Dubai’s embrace of this event in attracting investments to the oil and gas industry.

Minister of State Patir Amanov, Chairman of the State Council, said his country was the largest player in the Asian oil and gas market. The country’s hydrocarbon resources are estimated at over 71 billion tonnes of oil equivalent. of which more than 20 billion tons of oil and more than 50 trillion cubic meters of natural gas, Turkmenistan ranks fourth in the world in terms of natural gas reserves.