Ashgabat, Turkmenistan – Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Emirates National Oil Company (ENOC) Group and Dragon Oil, highlighted the company’s sustained growth and future ambitions during his keynote address at the 30th International Conference and Exhibition “Oil and Gas of Turkmenistan” (OGT-2025).
Al Tayer announced that Dragon Oil is targeting a production capacity of 200,000 barrels per day by 2030, which includes an additional 50,000 barrels from new development opportunities. He reaffirmed the company’s commitment to exploring new reservoirs and strengthening partnerships in Turkmenistan to ensure long-term operational sustainability in the Caspian region.
He also confirmed that Dragon Oil has extended its operational agreements in Iraq and Egypt for the next 25 years and plans to do the same with Turkmenistan ahead of the expiration of its current production-sharing agreement in 2035.
Reflecting on the company’s journey, Al Tayer noted that since signing the Cheleken Production Sharing Agreement in 1999, Dragon Oil has achieved consistent expansion, with total production rising from 3 million barrels to 468 million barrels over 25 years of safe and reliable operations since 2000.
He added, “From our modest start with a USD 200 million capital investment in 2000, Dragon Oil has grown substantially, reaching USD 15.2 billion by 2025. Our cumulative output of 726 million barrels is more than just a figure—it reflects the trust we’ve earned, the dedication of our teams, and our shared vision of building a better and more sustainable future.”
Marking 25 years of partnership with Turkmenistan, Al Tayer described the relationship as “a journey of people, progress, and purpose rather than just a business collaboration.” He emphasized that sustainability remains central to Dragon Oil’s strategy, with a focus extending beyond energy to responsibility, innovation, and a long-term commitment to future generations.
He further explained that the company has achieved near-zero gas flaring, adopted advanced technologies, and set ambitious objectives such as a 70 percent annual reserve replacement ratio. “Artificial intelligence,” Al Tayer concluded, “is now deeply embedded in our operations—enabling advanced reservoir modeling, predictive maintenance, and faster responses through drone-assisted monitoring.”
