Dragon
oil chief meets Turkmenistan President
Posted: 10 June 2003
Turkmenistan President Saparmurat Turkmenbashi recently received
a brief on the progress of Dragon Oil PLC ("Dragon"),
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
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 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.
Hussain 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% 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 65,000bpd, materially
enhancing the economic value of Dragon's interest.
Longer term, Dragon's strategy will be to invest in oil and gas
projects in the Middle East and Caspian region.
In July 1999, the Dragon's head office was transferred to Dubai,
U.A.E. In view of the prolific oil and gas reserves base of the
region and its growing energy demand, Dragon is strategically located
in Dubai to capitalize on opportunities which arise in the future.
To enable this, Dragon has recruited an experienced technical and
commercial team to manage and develop the business.
For more informationsee www.dragonoil.com
or www.enoc.com.
Posted by Richard Price,
Editor Pipeline Magazine
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