Ali Rashid Al-Jarwan, CEO of Dragon Oil, said in statements on the sidelines of the activities of the first day of the “WETEX 2024” exhibition, that the company has an ambitious plan to double its production during the next five years within a comprehensive strategic vision aimed at strengthening the company’s position globally, according to what was reported by the newspaper. Emirates News Agency “WAM”, Tuesday.
Al-Jarwan pointed out that the company achieves annual growth in production ranging between 10 and 13 percent, pointing out that the noticeable growth in the company’s production during the last seven years after it rose from 70 thousand barrels per day to 210 thousand barrels per day, which reflects the company’s strength and ability to expand. And investment in oil fields.
He noted that the company Dragon Oilwhich operates in several major markets such as Egypt, Iraq, and Turkmenistan, is working to expand in these markets and benefit from the distinguished relations it has with these countries, which gives the company a competitive advantage and enhances its expansions.
Regarding future investments, he explained that the company’s budget amounts to $1.5 billion annually, with $1 billion for investment and $500 million for operational operations.
Al-Jarwan added that the company has today become a prominent international player in the energy sector thanks to the competencies and experiences gained over the years, noting that Dragon Oil has strong capabilities, which enables it to achieve its ambitious goals of doubling production and reaching new levels of success.
