Breaking News

Dragon Oil looks to nearly double production to 300,000 b/d by 2026: CEO

September 20, 2021
oil and gas

DUBAI, 19th September, 2021 (WAM) -- Dragon Oil is eying new developments in Turkmenistan, Iraq and Egypt after having survived the challenges of 2020, according to Ali Rashid Al Jarwan, Chief Executive Officer (CEO) of Dragon Oil, an upstream oil and gas exploration, development, and production company fully-owned by Dubai’s Government.

'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,' he added.

Al Jarwan made the statements at a press conference on Sunday in Dubai while announcing the details of the 2021 edition of the Society of Petroleum Engineers’ Annual Technical Conference and Exhibition (ATCE), which will commence on Tuesday, September 21st, 2021 at Dubai World Trade Centre.

The 97th edition of the ATCE will be held under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

Now available to attend in-person and online, the SPE’s annual meeting of members will continue to feature groundbreaking papers and special technical events designed to accelerate the application of innovations in every technical discipline.

The event will run from September 21st-23rd in the presence of international speakers who will address the strategies needed to maintain business continuity and the guiding principles to remain competitive. Industry influencers will discuss topics such as net-zero transition, post-pandemic business models and strategies, accelerating the uptake of new technology applications, funding future projects, energy mix collaboration, and more.

'We are proud to have the 2021 edition of the SPE’s Annual Technical Conference and Exhibition return to Dubai for the second time. The event will embrace the conference's heritage of excellence, drawing on the expertise of leading international oil and gas professionals,' said Al Jarwan during the press conference which was held in the presence of a number of Dragon Oil’s executives along with media representatives.

Al Jarwan added that the technical programme will feature the highest calibre peer-selected papers in the industry and sessions covering current applications and emerging technologies within all phases of E&P.

'The conference will provide an unparalleled opportunity for learning and collaboration at workshops, forums, and training courses, while the concurrent exhibition will showcase the latest technologies from around the world.'

The three-day event’s technical programme will include a plenary session, five syndicate sessions, five regional sessions and more than 60 technical sessions that will occasion a rich exchange of views and knowledge through 400 technical papers, carefully selected out of 2000 submitted papers addressing topics of relevance to the E&P. In the meantime, over 60 companies from 12 countries will be participating in the concurrent exhibition to showcase a wide range of current and future technologies with demonstrations and interactive screens, offering visitors an engaging experience to discover the latest technologies in the E&P industry.

'The focus will be on research, operating efficiency, recharging confidence in oil and gas, and providing leaders and engineers insights and tools to tackle the future more responsibly,' Al Jarwan said.

'ATCE will also be an opportunity to ramp up strategic collaboration between the participating companies and individuals and to explore the latest developments in the field.'

Al-Jarwan affirmed that Dragon Oil achieved a positive performance in 2020, and continues to maintain steady annual growth in 2021 despite the unprecedented challenges facing all companies around the world due to the Covid-19 pandemic.

'When the pandemic occurred, Dragon Oil had to cut spending and operating expenditures by 35 percent; but there were no layoffs. We have been a pioneer in adopting digital solutions and new energy innovations, and therefore we have managed to maintain our financial resilience while forging ahead with our overseas projects,' he explained.

Al-Jarwan added: 'At Dragon Oil, we are determined to achieve our sustainable growth targets through unlocking new opportunities around the world, including in 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 barrels per day by 2026.

'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 that the Dragon Oil has recently renewed its contract in Turkmenistan for 10 additional years at a total value of $400 million. The contract was due to expire in 2025.

wam

Top News



oil and gas

Enoc Group opens a new service station i...
October 27, 2021
ADSW World Future Energy Summit to take ...
October 27, 2021
IRENA Members Advance Energy Transition ...
October 26, 2021