Dragon Oil

Dragon Oil plc
Public limited company
Industry Oil
Founded 1971
Headquarters Dubai
Key people
 Hamdan bin Rashid Al Maktoum (Chairman)
Ali Al Jarwan (CEO)
Revenue US$1.155 billion (2012)[1]
US$790.9 million (2012)[1]
US$600.0 million (2012)[1]
Website www.dragonoil.com

Dragon Oil plc is an independent international oil and gas exploration, development and production business. It is based in Dubai and was listed on the Irish Stock Exchange until it was acquired by the Emirates National Oil Company.

History

The company was established as Oliver Prospecting & Mining Co. Limited in Ireland by Dr. Oliver Conor Waldron in 1971.[2] It changed its name to Dragon Oil in 1993 and invested in the Cheleken oilfield.[3]

In 1999, Dragon Oils 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.[4][5]

Between 2002 and 2005 Dragon Oil raised capital for exploration.[6]

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.[7]

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.[8] 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.[9][10][11]

The company was delisted from the London and Irish Stock Exchange as of 7 September 2015.[5]

Operations

Its principal producing asset is at Cheleken, in the eastern section of the Caspian Sea, offshore from Turkmenistan.[12] It is also involved in exploration activities in Tunisia.[13]

References

  1. 1 2 3 Preliminary Results 2012
  2. ↑ "Dragon Oil". South High Business. Retrieved 11 October 2018.
  3. ↑ "Energy and Security, From the Caspian to Europe" (PDF). House Committee on Foreign Relations. December 12, 2012. Retrieved October 11, 2018.
  4. ↑ "Baillie Gifford Says ENOC's Offer Undervalues Dragon Oil". Wall Street Journal. June 18, 2015. Retrieved October 11, 2018.
  5. 1 2 "Our History". Dragon Oil. Retrieved October 11, 2018.
  6. ↑ "Investors Eye Caspian's Riches". Wall Street Journal. April 13, 2004. Retrieved October 11, 2018.
  7. ↑ "Dragon Oil Says Production Growth Curbed by Delayed Rig". Bloomberg. February 18, 2014. Retrieved October 11, 2018.
  8. ↑ "Dragon Oil shares are on fire after Emirates National Oil Company's bid success". Evening Standard. 15 June 2015. Retrieved 7 January 2015.
  9. ↑ "Dubai's ENOC to Buy Dragon Oil". Wall Street Journal. November 3, 2009. Retrieved October 11, 2018.
  10. ↑ "Emirates National Oil moves to buy out Dragon Oil shareholders". Financial Times. March 17, 2015. Retrieved October 11, 2018.
  11. ↑ "Emirates National Oil Company boosts offer for Dragon Oil". Financial Times. August 2, 2015. Retrieved October 11, 2018.
  12. ↑ Dragon Oil of Dubai is breathing fire The National, 24 January 2012
  13. ↑ Dubai-linked Dragon Oil to drill in Tunisia The National, 12 October 2011
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