Türkmennebit (Turkmen Oil) State Concern, the national oil production company of Turkmenistan, and Dragon Oil (Turkmenistan) Ltd, producing oil and gas in the Turkmen sector of the Caspian Sea under a Production Sharing Agreement (PSA), signed a contract to extend the existing PSA for another 10 years.
The contract was signed by the Chairman of the Türkmennebit SC Guvanch Agajanov and Dragon Oil CEO Ali Rashid Al-Jarwan, the Embassy of the United Arab Emirates (UAE) in Turkmenistan announced on its Twitter page. The Ambassador of the UAE to Turkmenistan Ahmed Al Khameli also attended the signing ceremony at the headquarters of the Türkmennebit SC in Ashgabat.
Under the contract, the existing PSA between the parties was extended until 2035. The earlier PSA was signed for 25 years and expires in May 2025.
Dragon Oil is an upstream oil and gas exploration, development, and production company fully-owned by Dubai’s Government. The company is the operator of the Cheleken Contract Area under a Production Sharing Agreement (PSA), which was signed in November 1999 with Turkmen Government.
Over the entire period of the company's operation its investments in Turkmenistan amounted to $10 billion.