Turkmenneft involves Dragon Oil in seismic work at offshore Block 19

ASHGABAT. Oct 27 (Interfax) - Turkmenneft state concern and Dragon Oil signed a cooperation agreement on the development project of the block in the Turkmen sector of the Caspian Sea on Thursday.

The document envisages 3D seismic work at Block 19 offshore area, the Turkmen news agency Orient reported.

The agreement was signed at the Oil and Gas of Turkmenistan 2022 international forum platform, which is being held in Ashgabat on October 26-28. "Turkmenneft will also formalize deals with a number of other foreign companies," the statement said.

Dragon Oil is a subsidiary of Emirates National Oil Company (ENOC), which is registered in Ireland and headquartered in Dubai, the United Arab Emirates. The company is engaged in oil and gas exploration, development and production.

In the summer of 2022, Turkmenneft and Dragon Oil extended the Production Sharing Agreement (PSA) for the Cheleken area of the Caspian Sea for 10 years. Under the PSA signed in 2000 (the term expired in 2025), Dragon Oil is developing the Dzheitune and Dzhygalybeg oil fields in the area. During this period, the company has invested over $8 billion into the project.

Based on the production sharing agreements, Turkmenneft is also cooperating offshore and onshore with Buried Hill Serdar Limited, Areti, Eni and Mitro International.