Petroleum Africa
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Sunday, October 28, 2018
Dragon Oil, a subsidiary of Dubai-based government firm Emirates National Oil Company (Enoc), plans to spend around $500 million on acquisitions in 2019. According to the company’s chief executive, countries in Africa are on its shopping list.
“We will drill two wells in Egypt in early next year and we have commitment to drill one well in Tunisia by Q1 2019. In West and North Africa, we are talking to Ghana, Algeria and Egypt,” Ali Rashid Al Jarwan said while speaking on the sidelines of Gas and Oil Technology (Gotech) exhibition.
Dragon Oil has presence in Turkmenistan, Iraq, Algeria, Egypt, Afghanistan and Tunisia. According to its website, the company employs 1,900 people with 1,700 of them working in Turkmenistan.
“For 2019, our acquisition target will be between $350 million to $500 million. We are very ambitious about expanding our existing assets and adding new ones,” Al Jarwan said.
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