Dragon Oil successfully drills oil well in Turkmen section of Caspian Sea
Turkmenistan, Ashgabat, July 19 / Trend, H.Hasanov /
Dragon Oil, oil and gas company from the UAE, successfully completed another phase of drilling operations in the Turkmen section of Caspian Sea, the company's press release says.
According to the report, the Dzheitune (Lam) 28/174 well was completed as a single producer to a depth of 1,976 metres. The well tested for initial production at 1,705 barrels of oil per day ("bopd"). The sidetrack of the Dzheitune (Lam) 13/144C well yielded the initial flow rate of 956 bopd from a single string.
The Cheleken project has been implemented in Turkmenistan since the mid-1990s.
The development is executed in the Dzheitune and Jigalibek fields on the shelf of the Caspian Sea. The proved and probable remaining oil reserves on the contract area are about 300 million barrels of oil and more than 3 trillion cubic feet of gas. So far, the company has invested over $2.3 billion in the development of fields in the contract area Cheleken.
Dragon Oil plans to increase oil production in Turkmenistan by 15 percent in 2012. In 2011, the company increased the average daily oil production by 30 percent. At the same time, average daily production hit 61,500 barrels of oil, while production was 47,211 barrels of oil per day in 2010.
In 2011, 13 production wells were commissioned. During this period, the operating profit was $856 million.
Dragon Oil mainly uses the route for extracted raw material exports via Azerbaijan. Dragon Oil exported about 11.4 million barrels of oil produced in Turkmenistan's sector of the Caspian Sea in 2011, which is 6 percent more than in 2010, when 10.8 million barrels were sold.