ENOC Group adds E&P arm to Strengthen its Upstream Business Through Dragon Oil Integration
ENOC Group's upstream operations, through its subsidiary Dragon Oil, will certainly reinforce UAE's energy security as it broadens its operations across the power value chain by adding an Exploration & Production (E&P) arm to its portfolio.
ENOC's Board of Directors led by the Vice Chairman, HE Saeed Al Tayer recently met with the Deputy Chairman of Cupboard of Ministers of Turkmenistan, where Dragon Oil has its exploration and production procedures, to discuss the development of its upstream business. The board, who also sit on Dragon Oil board, also fulfilled the Chairman of Turkmennebit, Turkmenistan's national oil company (NOC) to review collaboration possibilities.
His Excellency Saeed Mohammed Al Tayer, ENOC's Vice Chairman, stated: "By acquiring Dragon Oil, and its subsequent assimilation, ENOC has offered an upstream asset for the emirate of Dubai, highlighting our commitment in enhancing the country's power safety. While our short-term approach continues to be focussed on growing our business domestically, our lasting goal is to expand our global procedures to increase our reach and upstream expertise."
Dragon Oil was fully acquired by ENOC Group in September 2015 transforming the group into an up and down integrated oil and gas business.
Ali Rashid Al-Jarwan, Chief Executive Officer, Dragon Oil said: "While Dragon Oil keeps its operational status in the integration, we will certainly attract from ENOC's 40 plus years' heritage in the midstream and downstream field with their resources, proficiency, and capability, especially in operational performance."
ENOC's growth in the downstream and midstream segments will proceed as it increases its Jebel Ali refinery capacity to help satisfy product need. The group has actually likewise made significant efforts in expanding its trading business anticipating future demand in all markets. Its terminals business is exploring several chances to sustain residential as well as worldwide growth even as it included a crude storage center at Fujairah while its retail arm gets on target to fulfill raised product demand by 2020.
Dragon Oil has procedures in Turkmenistan, Iraq, Algeria, Egypt, Afghanistan and Tunisia.
