Dragon oil ups oil exports via Azerbaijan
Azerbaijan, Baku, Feb. 24 / Trend E. Ismayilov /
Dragon Oil was engaged in the development of deposits in the Turkmen sector of the Caspian Sea in 2010 and transported 60 percent of all of its oil exports through Azerbaijan compared to 10 percent in 2009, the company reported.
The company transported 10.8 million barrels of oil through the ports of Baku and Neka compared to 10.5 million barrels in 2009
In July 2010 oil produced by Dragon oil was transported through the Baku-Tbilisi-Ceyhan pipeline. Transportation of the Turkmen oil via the BTC is part of the SOCAR Trading contract with Dragon oil and mineral oil companies in Turkmenistan.
SOCAR Trading buys and transports oil from producers in Turkmenistan across the Caspian Sea to the BTC entrance flange at the Sangachal Terminal in Baku. The BTC Co. then transports the oil via the BTC to SOCAR Trading at the Mediterranean port of Ceyhan, Turkey.
Dragon Oil plc is an international oil and gas development and production company, quoted on the London and Irish Stock exchanges. Its principal producing asset is in the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan. The basic Production Sharing Agreement (PSA) with the Turkmen government was signed in 1999. The total area of the contract territory is approximately 950 square kilometers.
Dragon Oil (Turkmenistan) Ltd., a wholly owned subsidiary of Dragon Oil plc, holds 100% interest in and is the operator of the PSA for the Cheleken Contract Area. The operational focus is on the redevelopment of two oil-producing fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov).
As of Dec.31, 2010, proved and probable oil reserves of the contract area amounted to 639 million barrels compared to 617 million barrels as of Dec. 31, 2009.