Dragon Oil publishes data on investments in oil project in Turkmenistan

Turkmenistan, Ashgabat, Oct. 18 / Trend H. Hasanov /

Dragon Oil Company from the UAE has invested $1,6 billion in the oil project in the Turkmen sector of the Caspian Sea since 1999, the company said.

The company operates in the eastern sector of the South Caspian Basin on the contract area Cheleken with 80 million tons of oil and 88 billion cubic meters of natural gas.

The average daily production was 6,500 tons in early 2009.

Dragon Oil's revenue increased by 31 percent in the first half of 2010 compared to the same period of last year. The average daily oil production increased by 8 percent.

Dragon Oil gained $ 137.6 million over the period compared to 105 million in the first half of 2009. The company connects these figures with the rise in prices on the oil market.

At the same time, the average daily oil production in the first half of 2010 hit 46.42 barrels compared to 42.808 barrels per day a year ago. The oil was transported through the port of Baku. The relevant contract was signed in June 2010.

The basic product sharing agreement (PSA) with the Turkmen Government was signed in 1999. The total area of the contract territory is approximately 950 square kilometers, including fields Jeytun and Jigalibeg and Chelekenyangummez.

More than four new wells were put into operation. More than ten offshore platforms were built and reconstructed. More than 80 kilometers of pipelines were laid. The export opportunities were expanded. The additional storage facilities were built.  

It is planned to complete the construction of the pipeline with length of 40 kilometers, to increase the capacity of fishery products up to 75,000 barrels of oil per day and 220 million cubic feet of gas.

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