Turkmenistan and the UAE signed documents on cooperation in the oil and gas sector

Documents on cooperation in the oil and gas sector were signed during the visit of Chairman of the Halk Maslahaty (People's Council) of Turkmenistan Gurbanguly Berdimuhamedov to the UAE on January 4-5.

The State Concern “Turkmengaz” and the Abu Dhabi National Oil Company (ADNOC) signed a Memorandum of Understanding for the development of the third stage of the “Galkynysh” gas field.

The “Galkynysh” deposit is at the stage of pilot operation. The current production at the field is 20 bcm per year with a design of 30 bcm. In total, there are  seven stages of development, each with an increase in gas production in the amount of 30 bcm/year.

“Turkmengaz” and ADNOC also signed a Memorandum of Intent to explore potential opportunities for scientific, technical and economic cooperation in the field of reducing methane emissions into the atmosphere.

“Turkmenneft” and “Dragon Oil” (Turkmenistan) Ltd. signed a Memorandum of Understanding.

“Dragon Oil,” whose head office is located in Dubai (UAE), has been operating in Turkmenistan since 2000 on the basis of a production sharing agreement. The main area of its activity is the production of hydrocarbons in the “Cheleken” contractual territory in the Caspian Sea. Over the years, the company has invested heavily in the exploration and development of deposits, in particular, “Jeytun” and “Jigalybek.”

Among the priorities of the oil and gas industry of Turkmenistan is to increase the volume of production and refining of oil and natural gas, the growth of exports of Turkmen energy carriers and finished oil and gas chemical products, Gurbanguly Berdimuhamedov stressed at a meeting in Dubai with the chairman of the Board of Directors of “Dragon Oil,” Syed Al Thayer   . --0--