Dragon Oil eyes $500-mln acquisitions in 2019

DUBAI, October 11, 2018 – Dubai’s Dragon Oil is planning to invest USD 500 million in oil and gas asset acquisitions in 2019, the company’s CEO told international media on Thursday.

The company, a subsidiary of Emirates National Oil Company, is looking at Turkmenistan, North Africa and Iraq for potential acquisitions, CEO Ali Rashid Al Jarwan told Reuters.

Dragon Oil currently participates in exploration blocks in Iraq, Algeria, Egypt, Afghanistan and Tunisia.

The company is targeting a production level of 300,000 boepd by 2025. Currently, its main producing asset is the Cheleken licence in the Caspian Sea offshore Turkmenistan. The licence is producing 90,000 bpd, Al Jarwan told the agency.

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