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Dragon Oil Company hopes to realize new developments in Turkmenistan, Iraq and Egypt after overcoming the difficulties of 2020, Ali Rashid Al Jarwan, CEO of Dragon Oil said, Emirates News Agency reported.

“We are committed to achieving our sustainable growth goals by opening new opportunities around the world, including Turkmenistan, Iraq and Egypt. The board of directors has developed a strategy for us to increase production from 160,000 barrels per day currently to 300,000 barrels per day by 2026,” Al Jarwan said.

“In addition, our revenues are forecast to receive a further boost this year due to the recent rise in global crude oil prices to $75 per barrel,” he added.

Dragon Oil recently extended its contract in Turkmenistan for another 10 years for a total of $400 million, Al Jarwan noted, adding that the previous contract with Turkmenistan expires in 2025.

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Photo: dragonoil.com