The board of the UAE-based Dragon Oil oil and gas company has developed a strategy to increase its oil production from current 160,000 barrels per day to 300,000 b/d by 2026, the company’s CEO Ali Rashid Al Jarwan said during a press conference on Sunday in Dubai, the UAE’s state media reports.
"At Dragon Oil, we are determined to achieve our sustainable growth targets through unlocking new opportunities around the world, including Turkmenistan, Iraq and Egypt," Al Jarwan said.
Al-Jarwan affirmed that Dragon Oil achieved a positive performance in 2020, and continues to maintain steady annual growth in 2021 despite the unprecedented challenges facing all companies around the world due to the Covid-19 pandemic.
"When the pandemic occurred, Dragon Oil had to cut spending and operating expenditures by 35%; but there were no layoffs. We have been a pioneer in adopting digital solutions and new energy innovations, and therefore we have managed to maintain our financial resilience while forging ahead with our overseas projects," Ali Rashid Al Jarwan noted during the press conference.
He said the company’s revenues are projected to boost this year, driven by the global crude oil prices’ rise to $75 per barrel.
Dragon Oil is an upstream oil and gas exploration, development, and production company fully-owned by Dubai’s Government. The company’s main producing asset is the Cheleken Contract Area in the Turkmen sector of the Caspian Sea.