Dragon Oil plans to double production in 5 years

UAE’s Dragon Oil Company, a Dubai government-owned firm, is set to double its daily oil production over the next five years, increasing from 210,000 barrels per day (bpd) to 450,000 bpd.

The company’s CEO, Ali Rashid Al Jarwan, announced the 26th Water, Energy, Technology, and Environment Exhibition (WETEX) 2024 in Dubai, outlining ambitious plans aimed at solidifying its global position.

Al Jarwan emphasised that Dragon Oil has been achieving annual production growth of 10 to 13 per cent, with production increasing from 70,000 bpd to 210,000 bpd over the past seven years, reflecting the company’s strength and investment capabilities in key oil fields.

Looking ahead, Al Jarwan detailed the company’s annual budget of $1.5 billion, allocating $1 billion towards investments and $500 million for operational activities. Dragon Oil, which operates in markets such as Egypt, Iraq, and Turkmenistan, is focusing on further expanding in these regions by leveraging strong partnerships that enhance its competitive edge.

Attribution: Emirates News Agency (WAM)