Dragon signs deal for fields in Turkmen sector of Caspian

Nov 12, 1999 01:00 AM

Turkmenistan's Natural Resources Ministry announced that Dragon Oil had signed a 25-year deal to develop several offshore oil fields in the Caspian Sea on production-sharing terms.
Dragon, which is registered in Ireland and 70% owned by the Emirates National Oil Company, is to develop the Zhdanov and LAM deposits, ministry officials said. These fields are believed to contain about 80 million metric tons of crude oil, the officials said.
The Turkmen government will collect 52% of all revenues earned from the project, and another 25% will be put aside to cover operational expenses.
The Turkmen officials did not say how much the project might cost, but Dragon announced last week that one of its subsidiaries had arranged to borrow money to finance its work at the LAM and Zhdanov fields. ANZ Grindlays Bank of Dubai extended a $ 30 million revolving credit facility for the project, the company said.

Source: NewsBase
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