Turkmenistan, Ashgabat, Oct.19 / Trend corr.H. Hasanov /
Over the 12 years of its cooperation with Turkmenistan to develop the Caspian shelf, Dragon Oil has become one of the biggest foreign investors in the market, having invested nearly $2.4 billion as of June 30 2012, Chief Operating Officer Hussain Al Ansari said at the International Investment Forum in Ashgabat.
During this period, the average daily oil production in the Cheleken contract area has increased from 7.000 in 2000 to 71.751 barrels of oil per day as of the end of 2011.
In 2012-2015, the company intends to involve more than $1 billion in the infrastructure facilities. According to the plans, some 100,000 barrels on average per day is going to be produced during this period.
The basic PSA with the Government of Turkmenistan was signed in 1999. The contract on transportation of oil through the Baku port was signed in June 2010.
The company shares are listed on the London and Dublin stock exchanges (stock ticker symbol: DGO), the major shareholder is Emirates National Oil Company (ENOC) of the government of the Dubai Emirate.
Previously it was reported that in the first half of 2012, Dragon Oil reported a profit of $ 308.9 million compared to $309.4 million in the first half of 2011. According to the schedule, the work has been completed in 12 wells.
The main asset of the company with 100 per cent share is concentrated in the eastern sector of the South Caspian Basin - Cheleken contract area , the total square of the contract area is about 950 square kilometers and includes Jeytun, Jigalybek and Chelekenyangummez fields.
Proved and discovered reserves of oil and condensate in the contract area are 658 million barrels. Contingent oil and condensate reserves amount to 88 million barrels. Gas reserves hit 1.5 trillion cubic feet. Prospective gas resources equal to 1.4 trillion cubic feet.
During the investment forum the company reported that the growth rate of production volume will remain the same, in the range of 10 to 15 percent, throughout 2012
"We remain committed to the midterm plan for the period 2012-2015, comprising an average gross production growth of 10-15 per cent reaching a mark of 100 000 barrels of oil per day in 2015 and we intend to adhere to this peak for at at least five years," the statement said.
The transfer of the new jack-up rig Caspian Driller, purchased by the company, is expected by late 2012 and preparatory activities for the start of drilling operations in the first quarter of 2013
Work is underway on involvement of two rigs and one more jack-up for the commercial needs of the company in Turkmen shelf starting 2013.
Later this year and during 2013, Dragon Oil plans to build five offshore platforms on the Jeytun field.