Dragon Oil announces its 2011 plan of investments in Turkmenistan
Turkmenistan, Ashgabad, April 21/Trend, H. Hasanov
Turkmenistan-operating international company Dragon Oil (control package of shares owned by the UAE) plans to invest $250 million in the development of the country's oil and gas industry this year, Dragon Oil reported in a press release on Thursday.
According to the report, Dragon Oil's costs in the first quarter of this year were approximately $74 million compared to $67 million in the same period of 2010.
Dragon Oil put three oil wells into operation in the reported period. In January-March 2011, average daily production was about 57,800 barrels compared to 47,600 barrels in the same period of 2010.
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 contract area's reserves are estimated at 80 million tons of oil and 88 billion cubic meters of natural gas.
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 and includes fields Jeytun, Jigalybek and Chelekenyangummez.
Since the start of its work under the PSA, Dragon Oil put more than 40 new wells into operation, reconstructed and built more than ten offshore platforms, built more than 80 kilometers of pipelines, expanded export capabilities, and built additional oil reservoirs enabling simultaneous loading of two tankers.