Dragon Oil drills new oil well in Turkmen sector of Caspian Sea
Turkmenistan, Ashgabat, March 20 / Trend H. Hasanov /
Dragon Oil has announced the successful completion and initial testing of the Dzheitune (Lam) C/167 development well, the company said.
The well was completed as a dual producer to a depth of 2,765 metres.
The combined rate of initial production was 3,396 barrels of oil per
The Cheleken project has been implemented in Turkmenistan since the mid-1990s. The development is executed in the Jeytun and Jigalibek fields on the shelf of the Caspian Sea. The proved and probable remaining oil reserves on the contract area are about 300 million barrels of oil and more than 3 trillion cubic feet of gas.
Dragon Oil plans to increase oil production in Turkmenistan by 15 percent in 2012. In 2011, the company increased the average daily oil production by 30 percent.
Last year, 13 wells were set out into operation. The operating profit was $856 million.
Dragon Oil chiefly uses the route via Azerbaijan for extracted raw material exports.