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Profit of Dragon Oil in Caspian Sea’s Turkmen sector remains stable

Oil&Gas Materials 21 August 2012 22:00
In the first half-year, oil and gas company Dragon Oil (Unite Arab Emirates and United Kingdom) made a profit of $308.9 million compared to $309.4 million in the first half-year of 2011, according to the company's press release.
Profit of Dragon Oil in Caspian Sea’s Turkmen sector remains stable

Turkmenistan, Ashgabat, Aug. 15 / Trend H.Hasanov /

In the first half-year, oil and gas company Dragon Oil (Unite Arab Emirates and United Kingdom) made a profit of $308.9 million compared to $309.4 million in the first half-year of 2011, according to the company's press release.

Average daily oil production increased by 10.7 percent, amounting to 64,200 barrels, while a year ago 58,000 barrels per day were produced.

According to the schedule, work on 12 wells was completed.

Basic PSA with the Government of Turkmenistan was signed in 1999. Transportation of oil was conducted through the port of Baku based on the contract signed in June 2010.

The company is quoted on the London and Dublin Stock Exchanges. Its principal producing asset is in the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan, the total area of the contract area is about 950 square kilometers, includes Dzheitune, Dzhygalybeg and Chelekenyangummez.

Since the beginning of the project more than four new wells were put into operation, more than a dozen offshore platforms renovated and built, dozens of kilometers of pipelines laid, export opportunities expanded, additional storage facilities build, loading of two tankers simultaneously was made possible.

The company reported a year earlier it intends to invest $600-700 million in the development of the oil infrastructure in the Cheleken project within the next three years.

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