Al Tayer affirms depth of partnership between Dragon Oil and Turkmenistan at Oil and Gas of Turkmenistan – 2025 International Conference & Expo
ASHGABAT, 23rd October, 2025 (WAM) – Saeed Mohammed Al Tayer, Chairman of the Emirates National Oil Company (ENOC) Group and Dragon Oil, emphasided in his keynote speech at the opening of the 30th International Conference and Expo "Oil and Gas of Turkmenistan" (OGT-2025) the strong and enduring relations between the United Arab Emirates and the Republic of Turkmenistan.
Al Tayer stated that, in line with the insightful vision of the wise leadership, the UAE has become a global beacon of progress and sustainability, reiterating unwavering commitment towards Turkmenistan's innovation, sustainability, and growth.
The conference was attended by Batyr Amanov, Deputy Chairman of the Cabinet of Ministers of Turkmenistan; Orkhan Zeynalov, Deputy Minister of Energy of Azerbaijan; Ahmed Al Hai Al Hamli, Ambassador of the United Arab Emirates to Turkmenistan; Andrea Stegher, President of the International Gas Union; Valerie Ducrot, Executive Director, Global Gas Centre (GGC); Dragon Oil Board Members Ahmed Al Muhairbi, Qusai Al Shared, Ahmed Sharaf, and Abdul Karim Al Mazmi, CEO of Dragon Oil.
Al Tayer began his speech by emphasising that this event represents a milestone in the cooperation between the two countries, celebrating three decades of diplomatic relations between the UAE and Turkmenistan, and 25 years of the partnership between Dragon Oil and Turkmenistan, characterised by “mutual trust, innovation, and a shared ambition for a brighter and more sustainable future.”
He said: "It gives me great pleasure to address you at the 30th International Conference and Expo "Oil and Gas of Turkmenistan" (OGT-2025). This milestone gathering not only celebrates three decades of diplomatic relations between the United Arab Emirates and the Republic of Turkmenistan, but also honours our shared values, enduring friendship and visionary collaboration. At Dragon Oil, we are proud to commemorate 25 years of partnership with Turkmenistan – a journey defined by mutual trust, bold innovation and a united ambition to shape a brighter, more sustainable future. This is more than a business relationship; it is a story of people, progress, and purpose."
Al Tayer emphasised that sustainability forms the essence of Dragon Oil's strategy, stating that “our vision at Dragon Oil is not just about energy; it is about responsibility, innovation and a steadfast commitment to future generations. Sustainability is not a checkbox for us – it is the heartbeat of our mission. Through relentless innovation and adherence to the highest international standards, we have transformed our operations – achieving near-zero flaring, embracing cutting-edge technologies and setting bold targets such as a 70% year-on-year reserve replacement ratio.”
Al Tayer explained that “At Dragon Oil, artificial intelligence (AI) is integral to our operations – enabling advanced subsurface reservoir modelling, predictive maintenance and rapid response through drone support. AI-driven systems help us optimise production, enhance safety and ensure efficient asset management, reinforcing our commitment to innovation and operational excellence.
From humble beginnings with a capital investment of USD 200 million in 2000, we have grown to USD 15.2 billion by 2025, a testament to our unwavering belief in progress. Our cumulative production of 726 million barrels is more than a number – it is a reflection of the trust placed in us, the dedication of our people and the shared ambition to power a better tomorrow.”
He added: "Since signing the Cheleken Production Sharing Agreement (PSA) in 1999, Dragon Oil has invested over $11 billion in Turkmenistan, increasing our production from three million to 468 million barrels over 25 years of reliable and safe operations since the year 2000.
Today, our presence extends beyond Turkmenistan to Egypt and Iraq, with recent expansions and renewed interests ensuring sustained growth. Since 2012, we have invested significantly in Iraq and Egypt, acquiring BP's 100% interests in the Gulf of Suez and commissioning major production facilities. These strategic investments have driven robust growth and expanded our international production footprint. Our global workforce has expanded to 4,760, with 2,200 employees in Turkmenistan – 93% of them Turkmen nationals."
He affirmed that Dragon Oil's role extends beyond energy production to encompass support for community development, environmental protection and human capital enhancement. He said: “At Dragon Oil, we believe our responsibility and partnership go beyond energy production; they are about driving sustainable growth and shared prosperity in Turkmenistan.
We're proud to support the environment through cleaner gas power, solar and wind energy pilots, and the expansion of green spaces. We also invest in people – improving health care, supporting education and promoting sports and healthy lifestyles, while partnering with the state to enhance vital infrastructure. So far, we've delivered around 200 social projects, investing more than $97 million, with a total of more than $140 million planned for initiatives that strengthen communities and protect the environment. These efforts reflect our lasting commitment to sustainability, progress and the prosperity of Turkmenistan.”
Al Tayer indicated that the company targets to increase its daily production to 200,000 barrels by 2030, including an additional 50,000 barrels per day from new growth opportunities, while continuing to explore new reservoirs and working with partners in Turkmenistan to ensure sustainable operations in the Caspian Sea.
He also announced that Dragon Oil has extended its working interests in Iraq and Egypt for the next 25 years and intends to do the same with Turkmenistan before the lapse of its PSA in 2035.
He concluded by saying: "This enduring relationship is a testament to the strong ties between the UAE and Turkmenistan – a model of international co-operation and mutual respect. On behalf of Dragon Oil, I extend my deepest gratitude to the leadership of both nations and to our valued partners whose dedication has made this remarkable journey possible. Let us continue building a legacy of excellence, sustainability and shared prosperity."
