ASHGABAT, Turkmenistan, October 21. Dragon Oil intends to reach an agreement with the government of Turkmenistan and the state-owned concern “Turkmennebit” to extend their cooperation beyond 2035, when the current Production Sharing Agreement (PSA) expires, the CEO of the company, Abdulkarim Al Maazmi said, Trend's special correspondent reports.
He made the announcement at the “Oil and Gas of Turkmenistan – 2026” (OGT 2026) international conference and exhibition in Ashgabat.
“We look forward to close cooperation with the Government of Turkmenistan and ‘Turkmennebit’ to reach a mutually beneficial agreement that will allow us to extend our partnership beyond 2035,” he said.
According to Al Maazmi, the company sees significant opportunities to develop additional resources, increase oil recovery rates, modernize infrastructure, and extend the productive life of existing fields.
He emphasized that Turkmenistan remains a key focus for Dragon Oil, despite the company’s expanding international presence in Egypt and Iraq.
Abdulkarim Al Maazmi reported that since beginning operations in Turkmenistan in May 2000, Dragon Oil has invested approximately $12 billion in the country, and its cumulative oil production has exceeded 490 million barrels.
According to him, the company currently employs about 2,200 people in Turkmenistan, with 93% of its workforce consisting of Turkmen citizens. Dragon Oil has also supported more than 200 corporate social responsibility projects in the areas of healthcare, education, culture, and local community development.
The company’s CEO added that, as part of its development strategy through 2030, Dragon Oil expects to reach a net production rate of 200,000 barrels of oil per day. To achieve this, the company plans to develop its existing assets, make new investments in the upstream segment, and consider strategic acquisitions.
Meanwhile, Dragon Oil began operations in Turkmenistan in 2000, starting development of the Cheleken contract area in the Caspian Sea. The company is a subsidiary of the Emirates National Oil Company (ENOC), which is owned by the government of Dubai.
