The Arab oil company Dragon Oil announced that it intends to increase oil production in Turkmenistan, as well as in Egypt and Iraq. In these three countries, the company produces 180 thousand barrels per day.
The company is ready to develop production, especially in Turkmenistan and Iraq, as it aims to reach 250 thousand barrels per day with the natural growth of the oil industry by the end of 2025, Orient.tm reports.
Dragon Oil CEO Ali Rashid Al-Jarwan spoke about this and the history of the company's corporate logo in Dubai at the ceremony to unveil the new logo and announced plans to increase production. The history of the company began 24 years ago, when it had assets only in Turkmenistan, which was then owned by China.
Al-Jarwan added: “From those years, namely from May 2000, when a production sharing agreement was signed with the Turkmen government, the previous logo was maintained, and so on until October 9, 2023. The reason for the change is that Dragon Oil now exists not only in Turkmenistan, its activities have expanded to the Arab Republic of Egypt and the Republic of Iraq."
The new logo consists of the letters "D and O", which Al Jarwan said signify integration and harmony in the oil industry, reflecting the company's style and spirit, with the letter D referring to the name of the emirate of Dubai and the letter O standing for "oil" "
Al-Jarwan noted that the new logo is in line with the efforts needed to expand production and transform the company within the framework of global trends in clean energy operations. And while demand for traditional oil will continue for at least the next 25 years, we are encouraging the trend toward renewable energy, the DO chief said.
The company is committed to reducing emissions and being climate neutral throughout its operations, in line with the UAE's commitment to achieve net-zero carbon emissions by 2050, while continuing to produce oil in line with global standards, demand and environmental responsibility. He pointed to the company's initiatives, such as in Egypt, where production is carried out without flaring gas, and in Iraq, where facilities are being built to process gas and maximize the use of liquid and gaseous materials to reduce emissions to zero.
And in Turkmenistan, we are increasing gas injection and oil production through a process called gas lift, Al-Jarwan said. He continued: “There are future plans to maximize the use of gas and we are working with the government on this.”
The DO strategy aims to achieve 300,000 barrels per day by the end of 2026, while the current shortfall is 50,000, which will be achieved by acquiring new production in the range of 40 to 50,000 barrels per day and committing an amount to it at $500 million
Currently, the company produces up to 60 thousand barrels of oil per day in Turkmenistan.
CentralAsianLIGHT.org
October 10, 2023