Dragon Oil increasing investments in Turkmen sector of Caspian Sea

Ashgabat, Turkmenistan, Nov.13

By Huseyn Hasanov- Trend:

Dragon Oil company has, to date, invested some $4.8 billion in developing offshore fields in the Turkmen sector of the Caspian Sea, and continues to increase the volume of investments, Neutral Turkmenistan newspaper reported Nov. 13.

Further, the company plans to increase the volume of investments in order to expand production, construct new platforms and for other purposes.

The company signed a production sharing agreement with Turkmenistan 15 years ago. This agreement envisages carrying out work on developing and producing oil and gas in the Cheleken contract area.

Dragon Oil uses a large number of not only new, but also old wells. The work on intensifying the oil flow is regularly conducted. In this regard, the level of the average daily oil production from the Jeitun (LAM) and Jigalybek ("Zhdanov") fields has been steadily increasing - from seven million barrels per day in 2000 to 95 million barrels in 2015.

At the same time, the company is ready to support the production of crude oil at the level of 100,000 barrels for at least five years.

Nine new platforms, namely, producing platforms, main ones and platforms with a residential block were built and installed in the Caspian Sea, the article said.

Also, a number of existing platforms were rebuilt.

A new main pipeline was built for increasing volumes of multiphase products supplied to the oil complex preparation and pumping workshop.

It was also noted that the drilling at deposits is carried out using several different types of drilling rigs: two jackup rigs - ELIMA and NEPTUNE, and one SAKSON ground rig.

Use of modern equipment has allowed specialists to greatly accelerate the development of deposits and maintain the planned production volume.

During the past three years, the company has put into operation over 30 wells, said the newspaper.

Works are also underway to improve coastal oil and gas infrastructure at the Cheleken contract area, which includes several large and strategically important objects.

The company's specialists have also constructed and put into operation a main pipeline for transporting crude oil.

In addition, an active construction programto build eight new oil storage tanks, with total capacity of 160,000 tons, is currently underway on the territory of the workshop.

Completion of this major project is planned for the first half of 2016.

The newspaper said that, at the same time, it is impossible to overestimate the importance of this project in the prospective of further growth and development of the company, because if now the total oil storage capacity is 300,000 barrels (40,000 tons), storage will be increased to 1.5 million barrels (200,000 tons) with a new reservoir park.

The simultaneous loading of two tankers was made possible due to the construction of additional storage tanks and pipelines at the oil-loading pier "Alaja", which significantly increased the copany's export opportunities.

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