Turkmenistan in partnership with Dragon Oil plans to accelerate the development of offshore fields in the Caspian Sea
14:57 27.06.2022 8555
Measures are being taken in Turkmenistan to accelerate the development of the Turkmen sector of the Caspian Sea, and in particular, in the Cheleken contract area on the basis of the Production Sharing Agreement (PSA). Vice-Chairman Shakhym Abdrakhmanov reported this at a government meeting last Friday.
In this regard, proposals were submitted to carry out relevant work together with Dragon Oil (Turkmenistan) Ltd. A separate topic of the report was the terms of the contract to be signed between this company and the State Concern «Turkmennebit».
Focusing on the need for a thoughtful and comprehensive approach to solving problems in this area, President Serdar Berdimuhamedov approved the submitted proposal, instructing the Vice-Chairman to continue work in this direction.
Dragon Oil's main activities under this PSA are focused on the development of the Jeytun and Jigalybeg oil fields, where it has been operating since May 2000. During this period, the operator's investments amounted to more than 8 billion US dollars.
The PSA has a 25-year term expiring in May 2025, with the exclusive right of Dragon oil (Turkmenistan) LTD to negotiate for a further extension of the agreement for a period of at least 10 years.
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