Dragon Oil & Petronas Sign Turkmenistan Exploration Deal

Dragon Oil has signed a Memorandum of Understanding with Petronas Carigali to explore for possible cooperation opportunities within both companies' operational and marketing activities in Turkmenistan, such as in drilling, procurement and gas utilization, with the view of improving efficiencies and reducing costs.

The MOU identified specific areas of cooperation, including but not limited to, gas development, transmission, marketing and sales of gas, drilling services, and field operations and logistics.

The Chairman Hussain M. Sultan said: 'This MOU is an opportunity for Dragon to work closely with our neighbors, Petronas, in the Caspian, to develop and plan mutually beneficial operational strategies, thereby enhancing both of our field operations. We have decided to explore those areas of cooperation which would exploit the existing synergies between our two companies. We, Dragon, have significant gas reserves and are very keen to develop these along with our crude oil production and we can see the benefits of development of gas with Petronas.'