Türkmennebit (Turkmen Oil) State Concern, the national oil company of Turkmenistan, and Dragon Oil, the oil and gas exploration and production company totally owned by the Government of Dubai, on Thursday signed an agreement on cooperation on conducting 3D seismic works on Block 19 of the Turkmen sector of the Caspian Sea.
The document was signed on the sidelines of 27th Oil and Gas of Turkmenistan International Conference (OGT-2022) that kicked off on Wednesday in Turkmen capital Ashgabat, according to the Ashgabat based Orient news agency.
The document was signed on behalf of Dragon Oil by its CEO Rashid Al-Jarwan.
Dragon Oil is the operator of the Cheleken Contract Area under a Production Sharing Agreement (PSA), which was signed in November 1999 with Turkmen Government.
In July, Dragon Oil has renewed the PSA in Turkmenistan with the Türkmennebit for a period of ten additional years. Under the contract, the existing PSA between the parties was extended until 2035. Dragon Oil’s investments, during the contract extension period, are expected to reach $7-8 billion.