Dragon Oil Company is looking forward to implementing new developments in Egypt, Turkmenistan, and Iraq after surviving the challenges of 2020, Ali Rashid Al Jarwan, Dragon Oil’s CEO, stated, according to Emirates News Agency.
“At Dragon Oil, we are determined to achieve our sustainable growth targets through unlocking new opportunities around the world, including Turkmenistan, Iraq, and Egypt. The board has put a strategy for us to increase production from 160,000 barrels per day currently to 300,000 b/d by 2026,” Al Jarwan noted.
“Furthermore, our revenues are projected to get a fresh boost this year, driven by the global crude oil prices rise to $75 pb recently,” he added.
Recently, Dragon Oil renewed its contract in Turkmenistan for additional 10 years at a $400 million total value, Al Jarwan pointed out, adding that the Turkmenistan contract was set to expire in 2025.