UAE-based Dragon Oil plans to increase production in the Cheleken contract area in the Turkmen sector of the Caspian Sea to 200,000 barrels of oil equivalent per day by 2030, according to the state-run newspaper Neutral Turkmenistan.
The subsidiary of the UAE-based ENOC Group also announced its intention to extend its strategic partnership with the Turkmen government beyond 2035, when the current Production Sharing Agreement (PSA) expires.
Dragon Oil has been operating in Turkmenistan since May 2000, and its cumulative investment during this period has approached $12 billion, resulting in total oil production of over 490 million barrels on the Caspian shelf.
Dragon Oil's ambitious plans underscore the company's key role in Turkmenistan's oil production sector, where it is one of the largest foreign investors.
The company's current daily production at the Dzheitune and Jigalybek fields is approximately 60,000 to 70,000 barrels of oil per day.
Given that Turkmenistan's total liquid hydrocarbon production is 180,000 to 190,000 barrels per day, Dragon Oil accounts for approximately 35-40% of the country's total oil production.
The announced increase in production to 200,000 barrels of oil equivalent by 2030 will require the implementation of modern offshore drilling and reservoir stimulation technologies and will significantly increase the country's export potential through the Caspian Basin.
CentralasianLIGHT.org
October 29, 2026