ENOC makes pitch for Dragon Oil

Offshore staff

DUBAI, UAE – Emirates National Oil Co. (ENOC) confirms it is in talks to potentially acquire Dragon Oil, operator of the Cheleken Contract Area fields in the Turkmen sector of the Caspian Sea.

ENOC’s proposal values Dragon’s share capital at around £3.6 billion ($5.55 billion).

The company says it would fund the acquisition from its existing cash resources. It already owns 53.9% of Dragon’s shares.

ENOC plans to become a fully integrated global oil and gas company, by combining its downstream strengths with Dragon Oil’s upstream operating experience.

Saif Al Falasi, group CEO, said: “We believe the proposal is full and fair and provides an excellent opportunity for Dragon Oil’s shareholders…There is great uncertainty in the sector and we believe, as a long-term and supportive shareholder, that Dragon Oil has achieved as much as is possible through its existing upstream strategy.

“Moreover, Dragon Oil stands to benefit significantly from being part of the integrated platform that ENOC offers…Our strategic vision is to become a leading oil and gas company by expanding our presence in international markets and establishing an exploration and production portfolio.”

05/26/2015

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...