Dragon Oil Company, wholly owned by the Government of Dubai, is planning to double its daily production over the next five years to 450,000 bpd from its current level of 210,000 bpd.
Speaking on the sidelines of the 26th Water, Energy, Technology and Environment Exhibition (WETEX) 2024 in Dubai, Ali Rashid Al Jarwan, CEO of Dragon Oil Company, stated that the company has an ambitious plan to double its production within the next five years as part of a comprehensive strategic vision aimed at leveraging its global position.
Al Jarwan noted that the company is delivering an annual production growth ranging from 10 percent to 13 percent.
He noted the significant growth in production over the past seven years, which has increased from 70,000 bpd to 210,000 barrels per day, underscoring the company's strength and ability to expand and invest in oil fields.
On future investments, he explained that the company's budget amounts to $1.5 billion annually, with $1 billion allocated for investment and $500 million for operational activities.
He pointed out that Dragon Oil, which operates in several key markets, including Egypt, Iraq, and Turkmenistan, is working on expanding in these markets and leveraging its strong partnerships with these countries, which gives the company a competitive edge and enhances its expansions.
News Source: Emirates News Agency
