Dragon Oil (International) Ltd, a wholly owned subsidiary of Emirates National Oil Company (ENOC), has signed a Memorandum of Understanding (MoU) with PETRONAS Carigali International Ventures (PCIV), a subsidiary of Malaysia’s PETRONAS. The agreement aims to foster cooperation in oil and gas exploration and production, while also promoting the exchange of technical expertise within the upstream sector.
The initiative aligns with Dragon Oil’s global growth strategy, which focuses on expanding its exploration portfolio and improving production capabilities. Both companies seek to identify potential joint projects and open new commercial opportunities through this collaboration.
A Partnership Focused on Strategic Markets
As a leading operator in the Caspian Sea and the primary crude oil producer in Turkmenistan, Dragon Oil has been a strategic partner of the Turkmen government for over 25 years. The company intends to strengthen its international presence through partnerships with operators possessing proven upstream expertise, such as PETRONAS.
Abdulkarim Al Mazmi, CEO of Dragon Oil, noted that this collaboration reflects the company’s ambition to partner with world-class energy companies in exploration. He emphasized the complementary strengths of both groups and the opportunity to create synergies for developing efficient, high-quality projects.
Joint Objectives and Shared Growth Vision
The MoU was signed by Fareed Al Hashmi, Chief Growth Officer of Dragon Oil, and Azahari Mohd Shuid, Senior General Manager of Strategy and Commercial at PETRONAS. The ceremony was attended by senior officials from both companies, confirming their mutual desire to establish the foundation for a long-term partnership.
Dragon Oil continues to pursue an expansion strategy focused on long-term partnerships in key energy markets. The agreement with PETRONAS could serve as an initial step toward joint projects in new geographical areas and diverse technical segments of upstream oil and gas.
