As part of its future strategy, Dragon Oil, a UAE oil and gas operator, intends to invest billions of US dollars throughout the next decade in some parts of the world, according to its CEO Mr. Ali Rashed Al Jarwan who is also the Chairman of GOTECH Gas & Oil Technology Showcase and Conference
The Dubai based company is expanding its business in the countries of Asia and North Africa after the success of its oil exploration investments in Turkmenistan and Iraq in the past five years, said Mr. Al Jarwan
“Dragon Oil is about to organize one of the biggest events in the region’s oil and gas exhibitions and conferences, i.e. GOTECH, which addresses key issues in the oil and gas sector to encourage industry progress” Al Jarwan added
He stressed that the oil and gas industry should cope with the slump in oil prices, and in this respect, Dragon Oil is presently focusing on aligning and directing its strategy to cope with the present circumstances. Priority is given to the company’s competitiveness while maintaining safe and sustainable operations and cost optimization to achieve the best possible outcome in financial management
Dragon Oil is the investment arm of Emirates National Oil Company Ltd (ENOC) and the sole operator of Cheleken Contract Area in Turkmenistan, in addition to several exploration assets in the Middle East, Africa and Asia
According to its CEO, Mr. Ali Al Jarwan, the company has a number of MoUs and contracts for exploration in Iraq, Algeria, Egypt, Afghanistan and Tunisia. It is also exploring new areas of investment in developing oil and gas resources worth of billions of dollars, due to be revealed in the next few days
In 2017, Dragon Oil maintained a production level over 90,000 bpd from Cheleken Contract Area in Turkmenistan and from Iraq, and it plans to maintain the current production level and growth in the future
“Developing drilling operations and the deployment of four rigs in Cheleken Contract Area was an essential and key success factor that helped us complete some 20 wells in 2017. Eight extra storage tanks were installed with a new storage capacity of more than 2 million barrels, which will allow for flexible exportation,” Al Jarwan explained
Following up on the progress of the preparations of GOTECH committees, Al Jarwan concluded that this event will be a key starting point for the region’s oil and gas sector
For his part, GOTECH Executive Director, Mr. Fareed Al Hashmi, said that the 2nd edition of the exhibition is to be held in Dubai International Financial Centre, 22 to 24 October, will address several topics, such as sub-terrain and drilling technologies, survey engineering, operational excellence, integrated digital oilfields, in addition to the adoption of technology as an important tool to manage cases of uncertainty and reach the potential of untapped assets to achieve their full potential
“For three days, GOTECH will witness technical discussions between participants from different countries to exchange views on addressing the challenges currently facing the oil market,” added Al Hashmi
“The success of GOTECH’s 1st edition encouraged us to hold the conference again this year,” added Al Hashmi
For her part, Badria Khalfan, GOTECH’s official spokesperson, stated that the conference will include specialized technical works delivered by the sector’s specialists, engineers and officials, adding that invitations were sent to world renowned figures
Badria Khalfan mentioned that local and international technology companies showcased advanced technologies and applications during last year’s edition of GOTECH, adding that more than 90 local and international companies will participate in this year’s edition
