Dragon Oil accelerates oil production in Turkmenistan

Turkmenistan, Ashgabat, Nov. 4 / Trend H. Hasanov /

The Dragon Oil Company has invested over $2 billion in oil projects in the Turkmen Caspian shelf since 1999, company official Emad Buhulaigah said at an international investment forum in Ashgabat.

The average daily oil production has increased from 7,000 barrels of oil per day to 61,500 barrels of oil per day by late September since the PSA was signed with the Turkmen government in 1999.

The production volume from its wells is expected to reach approximately 70,000 barrels of oil per day by late 2011, or 25 percent more than last year's figures. It is planned to bring the average daily production to 100,000 barrels of oil from 2015.

The company operates in the eastern sector of the South Caspian Basin - in the Contract Area "Cheleken." The basic PSA with the Turkmen government was signed in 1999. The total area of the contract area is about 950 square kilometers. It includes deposits Jeitun, Jigalybek and Chelekenyangummez.

The explored reserves on the area of the Caspian Sea developed by the company hit 639 million barrels of oil and 3 trillion cubic feet of gas according to the international system.

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