Dragon Oil Confirms £3.6 bn Takeover Offer from Emirates National Oil Company

Market movement indicates that Turkmenistan’s part of the Caspian Sea is gaining traction. Dragon Oil, which is one of the main player in Turkmen waters, confirmed it is considering the £3.6 bn takeover offer put forward by Emirates National Oil Company. 

‘The Independent Committee notes ENOC's announcement on 21 May 2015 and confirms that it has received a proposal to make an offer of 735 pence per share for the entire issued and to be issued share capital of Dragon Oil it does not already own. The Independent Committee is considering the Proposal’ the company wrote on its website, adding that there is no certainty that an offer will be forthcoming. 

Dragon Oil, headquartered in Dubai, UAE, is a 100% operator of the Cheleken Contract Area, offshore Turkmenistan, where it re-develops two oil and gas fields. 

On Thursday, the Deputy Chairman of Turkmen State Agency for Hydrocarbon Resources Suleymanmurad Guladov said that total investments by contractors in Turkmen waters should register a 20% year-on-year increase in 2015.