Dragon Oil, a subsidiary of Dubai-based government firm Emirates National Oil Company (Enoc), will invest USD 13 B (Dh 47.7 B) in the development of existing projects in the next decade and spend up to USD 500 M for acquisitions in 2019.
The upstream oil and gas exploration, development and production company is targeting to increase its production by three times by 2025, and is looking to foray into new African markets as well.
Dragon Oil has presence in Turkmenistan, Iraq, Algeria, Egypt, Afghanistan and Tunisia. The company employs 1,900 people with 1,700 of them working in Turkmenistan.
The global demand of gas and oil is forecast to increase by 20% as countries like China and India will see more demand for energy.
The second edition of Gotech exhibition will run at Dubai World Trade Centre with 75 oil and gas companies participating to showcase new technologies and innovations in the energy sector.