Dragon Oil plc is an independent international oil and gas exploration, development and production business. It is based and registered in

Dubai Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...

and its operations are primarily located in

Turkmenistan Turkmenistan ( or ; tk, Türkmenistan / Түркменистан, ) is a country located in Central Asia, bordered by Kazakhstan to the northwest, Uzbekistan to the north, east and northeast, Afghanistan to the southeast, Iran to the sout ...

. The company was listed on the

Irish Stock Exchange Euronext Dublin (formerly The Irish Stock Exchange, ISE; ga, Stocmhalartán na hÉireann) is Ireland's main stock exchange, and has been in existence since 1793. The Euronext Dublin lists debt and fund securities and is used as a European g ...

until it was acquired by the

Emirates National Oil Company ENOC (the Emirates National Oil Company) is a global diversified state owned energy group and operates in oil, gas and coal industry. History Established in 1993, ENOC is a wholly owned company of the Government of Dubai, through the Investmen ...

(ENOC). It is now a wholly owned upstream subsidiary of the ENOC-Group.

History

The company was established as Oliver Prospecting & Mining Co. Limited in

Ireland Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...

by Dr. Oliver Conor Waldron in 1971. It changed its name to Dragon Oil in 1993 and invested in the

Cheleken Hazar (until 1999 known as Çeleken, also written Cheleken; russian: Челекен; Persian: Chaharken ) is a seaport town located on the Cheleken Peninsula of the Caspian Sea. It is directly subordinate to the city of Balkanabat in Balkan Prov ...

oilfield. The Emirates National Oil Company bought a majority stake in the company in 1999 and the headquarters were moved to Dubai that same year. In 1999, Dragon Oils signed a

Production sharing agreement Production sharing agreements (PSAs) or production sharing contracts (PSCs) are a common type of contract signed between a government and a resource extraction company (or group of companies) concerning how much of the resource (usually oil) extra ...

(PSA) with the Government of

, aiming to re-develop the Cheleken field in the Caspian Sea. The current PSA expires in 2025. Between 2002 and 2005 Dragon Oil raised capital for exploration. In the period 2005 to 2015 in total eight exploration licences were taken in Algeria (2), Tunisia (1), the Filippines (1), Afghanistan (2), Iraq (1) and Egypt (1) (see the detailed information below in "Operations"). These were partly operated partly in JV partnership, and a separate, new DragonOil Exploration Department with new staff was set up to manage these assets. In 2012 Dragon Oil launched a $200 million share buyback and the shares in Dubai rose 7 %. In 2013

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...

ranked Dragon Oil on Forbes Global 2000 at place 1902. From 2012 to 2015, Dragon Oil suffered setbacks caused by several delivery delays of a drilling platform, an important part of the companies progress in the

Caspian Sea The Caspian Sea is the world's largest inland body of water, often described as the world's largest lake or a full-fledged sea. An endorheic basin, it lies between Europe and Asia; east of the Caucasus, west of the broad steppe of Central Asia ...

. In June 2015 the Emirates National Oil Company acquired the remaining 46% of Dragon Oil for £3.7 billion, becoming the sole owner of Dragon Oil. ENOC had attempted to buy the remaining percentage since 2009, at 455p a share, and offered 650p in March 2015. The final price was 800p a share, after extensive back and forth with different minority shareholders. The company was delisted from the

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

and

as of 7 September 2015. In November 2015, the company was in talks to invest around $10 billion into a

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

pipeline Pipeline may refer to: Electronics, computers and computing * Pipeline (computing), a chain of data-processing stages or a CPU optimization found on ** Instruction pipelining, a technique for implementing instruction-level parallelism within a s ...

, the Tapi project, from Turkmenistan to

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

. In 2016, Dragon pre-qualified for a bidding round for different new oil fields under new contract terms in

Iraq Iraq,; ku, عێراق, translit=Êraq officially the Republic of Iraq, '; ku, کۆماری عێراق, translit=Komarî Êraq is a country in Western Asia. It is bordered by Turkey to the north, Iran to the east, the Persian Gulf and K ...

and took part in a bidding round in 2018. In August 2017, Dragon Oil signed a five-year contract with Topaz Energy & Marine for the delivery of six new offshore vessels, including five anchor-handlers and one Emergency Recovery and Response Vessel. In 2018 Dragon Oil recorded a production of . In 2019 the company announced its plans to triple the production by 2025 as part of its upstream investment drive. In the next 10 years the company wanted to spend $13 billion to targets a higher production.

Overview of personnel

The board of directors consists of Chairman Sheikh

Hamdan bin Rashid Al Maktoum Sheikh Hamdan bin Rashid Al Maktoum ( ar, حمدان بن راشد أل مكتوم, '; 25 December 1945 – 24 March 2021) was an Emirati politician, the deputy ruler of Dubai and the minister of finance and industry of the United Arab Emirates ...

and Vice Chairman Saeed Mohammed Al Tayer. Other board members are Abdulrahman Al Saleh, Hussain Hassan Mirza Al Sayegh, Ahmad Buti Al Muhairbi, Ahmad Sharaf, and Abdulrahman Al Awar. The company's CEO is Ali Rashid Al Jarwan and its Assistant CEO is Faisal Rabee Al Awadhi. Other members of the senior management team are Fareed Abdulla Al Hashmi, Executive Director - Petroleum Development, Ahmad Ali Bin Obood, Director of Finance and Planning, Mana Bin Qutami, Executive Director of Corporate Services and Tayeb Huwair, Executive Director – Engineering & Projects.

Operations

Dragon Oils headquarters is in

UAE The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ...

with all of the senior management based on site. Further offices are located in

Mazar-i-Sharif , official_name = , settlement_type = City , image_skyline = , pushpin_map = Afghanistan#Bactria#West Asia , pushpin_label = Mazar-i-Sharif , pushpin ...

Afghanistan Afghanistan, officially the Islamic Emirate of Afghanistan,; prs, امارت اسلامی افغانستان is a landlocked country located at the crossroads of Central Asia and South Asia. Referred to as the Heart of Asia, it is bordere ...

Cairo Cairo ( ; ar, القاهرة, al-Qāhirah, ) is the Capital city, capital of Egypt and its largest city, home to 10 million people. It is also part of the List of urban agglomerations in Africa, largest urban agglomeration in Africa, List of ...

Egypt Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Medit ...

and Algiers,

Algeria ) , image_map = Algeria (centered orthographic projection).svg , map_caption = , image_map2 = , capital = Algiers , coordinates = , largest_city = capital , relig ...

. Its principal producing asset is at

, in the eastern section of the

, offshore from

. It is also involved in exploration activities in

Tunisia ) , image_map = Tunisia location (orthographic projection).svg , map_caption = Location of Tunisia in northern Africa , image_map2 = , capital = Tunis , largest_city = capital , ...

. The field is operated from the onshore base near the town of

Hazar, Turkmenistan Hazar (until 1999 known as Çeleken, also written Cheleken; russian: Челекен; Persian: Chaharken ) is a seaport town located on the Cheleken Peninsula of the Caspian Sea. It is directly subordinate to the city of Balkanabat in Balkan Prov ...

. In 2009 to 2010, Dragon Oil reached a production level of of oil per day from Chekelen and from 2011-2014, between of oil per day overall production capacity. The field holds an estimated of oil and condensates, and of gas reserves. The company produced an average of of oil per day in 2011, 76,600 in 2012, 73,750 in 2013 and 44,000 in 2014. By 2015, Dragon aimed to reach per day, by adding around of oil per day in production capacity through M&A's. Production from Cheleken reached of oil per day in June 2015. It is also involved in exploration activities in Afghanistan (Sanduqli and

Mazar-i-Sharif , official_name = , settlement_type = City , image_skyline = , pushpin_map = Afghanistan#Bactria#West Asia , pushpin_label = Mazar-i-Sharif , pushpin ...

blocks), Algeria (Tinrhert Nord Perimeter and Msari Akabli Perimeter), Egypt (East Zeit Bay), Iraq (Block 9) and Tunisia (the Bargou Exploration Permit). The legal process behind the

Tunisia ) , image_map = Tunisia location (orthographic projection).svg , map_caption = Location of Tunisia in northern Africa , image_map2 = , capital = Tunis , largest_city = capital , ...

n contracts has been questioned by Tunisian corruption watchdog I WATCH. Past operations also include the

Philippines The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...

, where Dragon Oil explored in the offshore

Palawan Palawan (), officially the Province of Palawan ( cyo, Probinsya i'ang Palawan; tl, Lalawigan ng Palawan), is an archipelagic province of the Philippines that is located in the region of Mimaropa. It is the largest province in the country in t ...

Basin under agreement SC 63 until November 2015.

References

External links

{{Portal, United Arab Emirates, Energy
Official Dragon Oil website
Oil and gas companies of the United Arab Emirates Companies based in Dubai Energy companies established in 1971 Non-renewable resource companies established in 1971 1971 establishments in the United Arab Emirates