Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
IN-DEPTH<br />
Dragon Oil sets sights on major<br />
growth with improving market<br />
By Dushane Solomon<br />
In an exclusive interview with <strong>Marasi</strong> News, CEO of<br />
Dragon Oil Ali Al Jarwan emphasizes the importance<br />
of innovation, the mending oil market and details the<br />
company’s plans for 2019<br />
Registered in Ireland, Dragon Oil is a wholly-owned<br />
upstream E&P subsidiary of the well renowned Emirates<br />
National Oil Company (ENOC) Group. As part of the<br />
Government of Dubai, the privately held company<br />
focuses on oil and gas exploration, development and<br />
production. In recent years, Dragon Oil has expanded<br />
operations for exploration activities by establishing<br />
offices in Afghanistan, Algeria, Tunisia and Egypt. During<br />
2018, the company produced an average of 93,000<br />
million barrels per day (mbpd).<br />
Located in the East Caspian Sea, the company’s<br />
primary producing assets are the Cheleken Contract<br />
Area operated from Dragon Oil’s onshore base in West<br />
Turkmenistan and Al Fayha Field where the company<br />
holds 30% equity. The company also has exploration<br />
blocks in Afghanistan (Sanduqli and Mazar-i-Sharif),<br />
Algeria (Tinrhert Nord Perimeter and Msari Akabli<br />
Perimeter), Egypt (East Zeit Bay), Iraq (Block 9), and<br />
Tunisia (Bargou Exploration Permit). With these assets<br />
and future expansion plans in the pipeline, the company<br />
aims to achieve 300,000 mbpd by the year 2025.<br />
Adapting technology and viewing oil with optimism<br />
With the fourth industrial revolution upon us,<br />
challenges of the technical nature have become<br />
increasingly prevalent within the maritime landscape.<br />
As a result, achieving innovative solutions with the<br />
assistance of professional expertise has also become<br />
more necessary than ever before. This rings especially<br />
true, specifically due to this age of digitalization and the<br />
benefits of both technological advances and current<br />
market competitiveness. Al Jarwan elaborated on the<br />
matter saying, “To keep up with the times, understanding<br />
how to deploy cost effective methods of proceeding with<br />
operations is high up on the priority list for Dragon Oil.”<br />
Al Jarwan continued, “With the new era of fluctuating<br />
oil prices, we believe innovative solution, competent<br />
work force and optimum cost management will make<br />
the difference.” Although the fluctuating nature of oil<br />
prices has resulted in unpredictability over the last years,<br />
Al Jarwan along with the rest of the industry remains<br />
optimistic that technology will have a positive impact on<br />
the market. “In my opinion, the price of oil in 2019 will<br />
vary between USD$60 per barrel to USD$80 per barrel.<br />
Hopefully it will ultimately average around USD$70.”<br />
Al Jarwan said global demand of gas and oil is on the<br />
rise as countries like China and India demonstrate more<br />
demand for energy, and he perceived this trend to remain<br />
ongoing with modest increases in the near future. If the<br />
CEO’s predictions hold true, oil price problems will be a<br />
thing of the past and future stability will aid in planning,<br />
investing and generating profit for Dragon Oil as well as<br />
other similar operators in the industry.<br />
24 NOVEMBER - DECEMBER 2018
Change language