Dragon Oil is set to embark on the testing phase of the Block 19 oil and gas well in the Turkmen sector of the Caspian Sea, with plans to produce 20,000 barrels of Turkmen oil daily, as announced by the company's CEO, Ali Rashid Al-Jarwan. The statement was made during a meeting with the leadership of the Türkmennebit (Turkmen Oil) State Concern in Ashgabat on Monday, as reported by the Emirates news agency WAM on Wednesday.
Al-Jarwan outlined the initial phase of exploration, involving the study of hydrocarbons in the oil and gas well located in Block 19, spanning a total area of 3,800 square kilometers. Preliminary data indicates substantial hydrocarbon reserves in these areas, enriched with geological resources.
Positive results from the preliminary studies on hydrocarbon abundancy will lead to the formulation of a comprehensive development plan for the field, according to Al-Jarwan.
In January of this year, a Memorandum of Understanding was signed between Türkmennebit State Concern and Dragon Oil (Turkmenistan) Ltd, outlining plans for the Dubai-based Dragon Oil to commence development in three promising fields near Cheleken.
Dragon Oil has been engaged in oil and gas collaboration with Turkmenistan under a Production Sharing Agreement since 2000. The company's primary focus lies in the production of hydrocarbon resources in the Caspian Sea, particularly within the Cheleken contract area.