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Dragon Oil

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Dragon Oil Holdings LLC
Company typePublic limited company
IndustryOil
Founded1971
HeadquartersDubai
Key people
Hamdan bin Rashid Al Maktoum (Chairman)
Ali Al Jarwan (CEO)
RevenueUS$ 1.093.1 billion (2014)[1]
US$ 578.6 million (2014)[1]
US$ 650.5 million (2014)[1]
Websitewww.dragonoil.com

Dragon Oil Holdings LLC is an independent international oil and gas exploration, development and production business. It is based and registered in Dubai and its operations are primarily located in Turkmenistan. The company was listed on the Irish Stock Exchange until it was acquired by the Emirates National Oil Company (ENOC). It is now a wholly owned upstream subsidiary of the ENOC-Group.[2][3]

History

The company was established as Oliver Prospecting & Mining Co. Limited in Ireland by Dr. Oliver Conor Waldron in 1971.[4] It changed its name to Dragon Oil in 1993 and invested in the Cheleken oilfield.[5]

The Emirates National Oil Company bought a majority stake in the company in 1999 and the headquarters were moved to Dubai that same year.[6]

In 1999, Dragon Oil signed a Production sharing agreement (PSA) with the Government of Turkmenistan, aiming to re-develop the Cheleken field in the Caspian Sea. The current PSA expires in 2025.[7][8]

Between 2002 and 2005 Dragon Oil raised capital for exploration.[9] 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.[10][11][12][13][14]

In 2012 Dragon Oil launched a $200 million share buyback and the shares in Dubai rose 7 %.[15] In 2013 Forbes ranked Dragon Oil on Forbes Global 2000 at place 1902.[16]

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.[17]

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.[18] 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.[19][20][21]

The company was delisted from the London and Irish Stock Exchange as of 7 September 2015.[8]

In November 2015, the company was in talks to invest around $10 billion into a natural gas pipeline, the Tapi project, from Turkmenistan to India.[22][23][24] In 2016, Dragon pre-qualified for a bidding round for different new oil fields under new contract terms in Iraq and took part in a bidding round in 2018.[25][26]

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.[27] In 2018 Dragon Oil recorded a production of 93,000 barrels per day (14,800 m3/d).[3] 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.[28]

Overview of personnel

The board of directors consists of Chairman Sheikh Hamdan bin Rashid Al Maktoum 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.[29]

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.[30]

Operations

Dragon Oils headquarters is in Dubai, UAE with all of the senior management based on site. Further offices are located in Mazar-i-Sharif, Afghanistan, Cairo, Egypt and Algiers, Algeria.[31]

Its principal producing asset is at Cheleken, in the eastern section of the Caspian Sea, offshore from Turkmenistan.[32] It is also involved in exploration activities in Tunisia.[33] The field is operated from the onshore base near the town of Hazar, Turkmenistan.[34]

In 2009 to 2010, Dragon Oil reached a production level of 50,000 barrels (7,900 m3) of oil per day from Chekelen and from 2011-2014, between 60,000 to 70,000 barrels (9,500 to 11,100 m3) of oil per day overall production capacity. The field holds an estimated 663 million barrels (105 million cubic metres) of oil and condensates, and 1.3 billion cu ft (37 million m3) of gas reserves. The company produced an average of 61,500 barrels (9,780 m3) 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 100,000 barrels (16,000 m3) per day, by adding around 30,000 to 50,000 barrels (4,800 to 7,900 m3) of oil per day in production capacity through M&A's. Production from Cheleken reached 100,000 barrels (16,000 m3) of oil per day in June 2015.[7][17][35][36]

It is also involved in exploration activities in Afghanistan (Sanduqli and Mazar-i-Sharif blocks),[37][38] Algeria (Tinrhert Nord Perimeter and Msari Akabli Perimeter),[39][40] Egypt (East Zeit Bay), Iraq (Block 9)[41] and Tunisia (the Bargou Exploration Permit). The legal process behind the Tunisian contracts has been questioned by Tunisian corruption watchdog I WATCH.[42]

Past operations also include the Philippines, where Dragon Oil explored in the offshore Palawan Basin under agreement SC 63 until November 2015.[8][43][44]

References

  1. ^ a b c "Key Financial Highlights". Dragon Oil. February 17, 2015. Retrieved October 19, 2018.
  2. ^ "Dragon Oil PLC". Bloomberg. Retrieved March 6, 2020.
  3. ^ a b "Dragon Oil sets sights on major growth with improving market". Marasi News. August 1, 2019. Retrieved March 8, 2020.
  4. ^ "Dragon Oil". South High Business. 23 November 2016. Retrieved 11 October 2018.
  5. ^ "Energy and Security, From the Caspian to Europe" (PDF). House Committee on Foreign Relations. December 12, 2012. Retrieved October 11, 2018.
  6. ^ "25 years of inspiring energy" (PDF). Emirates National Oil Company. Retrieved October 18, 2018.
  7. ^ a b "Baillie Gifford Says ENOC's Offer Undervalues Dragon Oil". Wall Street Journal. June 18, 2015. Retrieved October 11, 2018.
  8. ^ a b c "Our History". Dragon Oil. Retrieved October 11, 2018.
  9. ^ "Investors Eye Caspian's Riches". Wall Street Journal. April 13, 2004. Retrieved October 11, 2018.
  10. ^ van Dijk, J.P., Ajayi, A.T., De Vincenzi, L., Ellen, H., Guney, H., Holloway, P., Khdhaouria, M, and Mcleod, I. (2020), "Fault and Fracture Network Analyses and Modeling in a Challenging Complex Geological Environment - Paleozoic Tight Reservoirs in Algeria.", IPTC Conference and Exhibition, Dhahran Expo (SA), Jan. 2020, SPE Paper IPTC-19969-MS, 15 Pp., doi:10.2523/IPTC-19969-MS, S2CID 213384676{{citation}}: CS1 maint: multiple names: authors list (link)
  11. ^ van Dijk, J.P., Ajayi, A.T., De Vincenzi, L., Ellen, H., Guney, H., Holloway, P., Khdhaouria, M, and Mcleod, I. (2020), "Hydrocarbon Exploration and Production Potential of the Gulf of Suez Basin in the Framework of the New Tectonostratigraphic Model.", IPTC Conference and Exhibition, Dhahran Expo (SA), Jan. 2020, SPE Paper IPTC-19969-MS, 20 Pp., doi:10.2523/IPTC-19969-MS, S2CID 213384676{{citation}}: CS1 maint: multiple names: authors list (link)
  12. ^ van Dijk, J.P., Ajayi, A.T., Eid, T., Eldali, M., Ellen, H., Guney, H., Hashem, M., Knispel, R., Rouis, L., and Santoni, S. (2018), "An Integrated Geological Model for the Greater Cheleken Area Central Caspian Basin, Turkmenistan; Complex Synsedimentary Transcurrent Faulting and Compatementalisation in Plio-Pleistocene Clastic Reservoirs.", SPE-192978-MS, 9 Pp.{{citation}}: CS1 maint: multiple names: authors list (link)
  13. ^ van Dijk, J.P., and Guney, H. (2019), "Fully Integrated Modelling of Subsurface, Remote Sensing and Outcrop Geology; Prospect Generation in the Paleozoic of the Ahnet Basin Algeria.", Adipec Nov 2019 Conference Abu Dhabi, SPE-197224-MS, 24 Pp., doi:10.2118/197224-MS, S2CID 210255559{{citation}}: CS1 maint: multiple names: authors list (link)
  14. ^ van Dijk, J.P., Boulares, A., De Vincenzi, L., Gharieni, N., and Santoni, S. (2020), "The Houta Prospect Hammamet Basin, Offshore Tunisia as an Example of a New Play in an Old Basin.", Adipec Nov 2020 Conference Abu Dhabi, SPE-202651-MS, 13 Pp.{{citation}}: CS1 maint: multiple names: authors list (link)
  15. ^ "Dragon Oil launches $200m share buyback". Financial Times. Retrieved March 8, 2020.
  16. ^ "#1902 Dragon Oil". Forbes. Retrieved March 16, 2020.
  17. ^ a b "Dragon Oil Says Production Growth Curbed by Delayed Rig". Bloomberg. February 18, 2014. Retrieved October 11, 2018.
  18. ^ "Dragon Oil shares are on fire after Emirates National Oil Company's bid success". Evening Standard. 15 June 2015. Retrieved 7 January 2015.
  19. ^ "Dubai's ENOC to Buy Dragon Oil". Wall Street Journal. November 3, 2009. Retrieved October 11, 2018.
  20. ^ "Emirates National Oil moves to buy out Dragon Oil shareholders". Financial Times. March 17, 2015. Retrieved October 11, 2018.
  21. ^ "Emirates National Oil Company boosts offer for Dragon Oil". Financial Times. August 2, 2015. Retrieved October 11, 2018.
  22. ^ "Dragon Oil looks to back $10bn gas link". Financial Times. November 22, 2015. Retrieved October 16, 2018.
  23. ^ "UAE's Dragon Oil in talks with Turkmenistan on $10 bln TAPI pipeline". Reuters. November 27, 2015. Retrieved October 16, 2018.
  24. ^ "Turkmenistan should ease gas investment rules, U.S. official says". Reuters. December 3, 2015. Retrieved October 16, 2018.
  25. ^ "Iraq offers oil fields under new contract terms". Reuters. October 24, 2016. Retrieved October 16, 2018.
  26. ^ "Mideast stocks - Saudi petrochemical stocks under pressure despite index rise". Reuters. April 26, 2018. Retrieved October 16, 2018.
  27. ^ "Topaz Energy & Marine awarded $100-million Dragon Oil contract". World Oil. August 8, 2017. Retrieved October 16, 2018.
  28. ^ "AE's Dragon Oil targets higher production in 2019 on ramp up in markets". The National. February 12, 2019. Retrieved March 16, 2020.
  29. ^ "Board of Directors". Dragon Oil. Retrieved October 16, 2018.
  30. ^ "Senior Management". Dragon Oil. Retrieved October 16, 2018.
  31. ^ "Operations". Dragon Oil. Retrieved October 16, 2018.
  32. ^ Dragon Oil of Dubai is breathing fire The National, 24 January 2012
  33. ^ "Dubai-linked Dragon Oil to drill in Tunisia". The National. October 12, 2011. Retrieved October 16, 2018.
  34. ^ "Dragon Oil looks to buy in Africa". The National. February 20, 2012. Retrieved October 16, 2018.
  35. ^ "Dragon Oil Says Iran Sanctions May Make Rig Payments 'Difficult'". Bloomberg. February 21, 2012. Retrieved October 18, 2018.
  36. ^ "Dragon Oil Eyes Acquisitions in 2015 - CEO". Wall Street Journal. February 17, 2015. Retrieved October 18, 2018.
  37. ^ "Consortium wins Afghan mining permits". Financial Times. December 6, 2012. Retrieved October 18, 2018.
  38. ^ "China to Produce First Afghan Oil, Kabul Contends". Wall Street Journal. March 20, 2013. Retrieved October 18, 2018.
  39. ^ "Argentina's YPF CEO Meets With UAE Oil Companies". Wall Street Journal. February 6, 2013. Retrieved October 18, 2018.
  40. ^ "Update 2-Algeria awards 4 out of 31 oil, gas blocks on offer". Reuters. September 30, 2014. Retrieved October 18, 2018.
  41. ^ "Iraq says Exxon to quit oilfield, ends Turkey TPAO deal". Reuters. November 7, 2012. Retrieved October 18, 2018.
  42. ^ "Revealed: Tunisian president's family links to 'illegal' UAE oil deal". Middle East Eye. September 15, 2017. Retrieved October 18, 2018.
  43. ^ "Operations, The Philippines - Service Contract 63 - exited". Dragon Oil. Retrieved October 18, 2018.
  44. ^ "Operations". Dragon Oil. Retrieved October 18, 2018.
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