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Turkmenistan's Ambassador to the United Arab Emirates, Serdarmammet Garajayev, took part in a solemn ceremony held in Dubai on Monday in the presence of numerous dignitaries, when Dragon Oil presented its new logo and announced plans to increase production.

The CEO of Dragon Oil, Ali Rashid Al-Jarwan, told about the history of the corporate logo, which began 24 years ago, when the company, which then had assets only in Turkmenistan, belonged to its first owner from the People's Republic of China.

Referring to the development of events, Al-Jarwan said that the company started with the production of 7000 barrels per day of oil in 2000, and now production has reached 180,000 barrels per day: in Turkmenistan - 60 thousand barrels per day, in Egypt - 55 thousand barrels and 65 thousand in Iraq. The company is ready to develop production, especially in Turkmenistan and Iraq, as it aims to reach 250 thousand barrels per day with a natural increase in the oil industry by the end of 2025.

Al-Jarwan added: "Since those years, namely since May 2000, when a production sharing agreement was signed with the Turkmen government, the former logo has been preserved, and so on until October 9. The reason for the change is that Dragon Oil now exists not only in Turkmenistan, its activities have expanded to the Arab Republic of Egypt and the Republic of Iraq."

So, the new logo consists of the letters "D and O", which, according to Al-Jarwan, mean integration and harmony of cooperation in the oil industry, reflect the style and spirit of the company with the letter D referring to the name of the emirate of Dubai, and the letter O meaning "oil".

Al-Jarwan noted that the new logo corresponds to the efforts needed to expand production and transform the company within the framework of global trends in the field of clean energy. And although the demand for traditional oil will continue for at least the next 25 years, we encourage the trend towards the use of renewable energy sources, said the head of the DO.

The company strives to reduce emissions and be climate neutral at all stages of its operations in accordance with the UAE's commitment to achieve zero carbon dioxide emissions in 2050, while continuing to produce oil in accordance with international standards, demand and responsibility for the environment. He pointed to the company's initiatives, for example, in Egypt, where production is carried out without burning gas, and in Iraq, where gas processing facilities are being built and the maximum use of liquid and gaseous materials to reduce emissions to zero. And in Turkmenistan, we are increasing gas injection and oil production through a process called gas lift, Al-Jarwan said. He continued: "There are future plans to maximize the use of gas, and we are working on this with the government."

The DO strategy aims to achieve 300,000 barrels per day by the end of 2026, while currently 50,000 are missing, which will be obtained through the acquisition of new production in the range of 40 to 50,000 barrels per day and the allocation of 500 million US dollars for this.

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Photo: the Gulf Today