DUBAI: Dragon Oil Company, affiliated with the Government of Dubai, held its annual brainstorming session at the Bab Al Shams Hotel in Dubai, attended by the Company’s Senior officials and Top Directors, led by CEO Ali Rashid Al Jarwan.
The session’s discussions centred on reviewing the Company’s strategic objectives during the current and next year, while discussing future plans in line with developments in the world’s oil market.
The attendees, representing various departments, focused on the need to keep up with oil prices, which the company expected to be between US$75 and US$85 per barrel during the next year.
The attendees also discussed the Company’s strategy regarding sustainable development goals and exploiting all efforts and energies to reach the goals of climate neutrality by the year 2050, and the Company’s plans on the subject of sustainability and what can be done to implement the provisions of the Charter to remove carbon from the oil and gas industry, which is the pledge that Dragon Oil si
gned during COP28 by more than 50 international companies active in the oil and gas industry.
The attendees discussed promising plans and opportunities in the field of sustainability to improve performance and preserve the environment. Dragon Oil will present many initiatives aimed at reducing emissions, such as using solar energy, stopping gas burning, and afforestation initiatives to reach climate neutrality by 2050.
Ali Rashid Al Jarwan, CEO of Dragon Oil Company, said, ‘Every year, Dragon Oil used to hold a brainstorming session, where about 17 managers and experts participated in the current session, with the aim of reviewing and discussing the strategic plan for the current year and next year, by listening to the opinions of all participants, according to each specialty, adding, ‘During the meeting, we focused on three main points: production and how to improve it throughout the year, and the second point relates to favourable opportunities in the market to develop the Company’s work through acquisiti
ons and new contracts.’
Al Jarwan added, ‘We will take the advantage of all existing circumstances to achieve the set goals during the coming year, such as support from the Dubai government or from the Board of Directors, and we will also take the advantage of our excellent reputation in the oil market and our distinguished relationship with the governments of the countries in which we are present. The third point relates to discussing the fluctuations experienced by oil prices during the year 2024 and its impact on the budget,’ pointing out that the administration agreed to manage the budget more efficiently based on changes in the oil market in light of different views on prices between optimistic and conservative.
Al Jarwan expected that prices would maintain good levels during the next year, between US$75 and US$85 per barrel, with price fluctuations within the price difference based on seasons and demand, noting that the meeting, which was dominated by the spirit of one team and commitment, developed p
lans for each case.
Source: Emirates News Agency