Dragon Oil increases average daily oil production in Turkmen section of Caspian Sea

Dragon Oil increases average daily oil production in Turkmen section of Caspian Sea

Ashgabat, Turkmenistan, Nov.5

By Huseyn Hasanov- Trend: The Dragon Oil, oil and gas company ( United Arab Emirates, Great Britain ), which conducts its main work in the Turkmen section of the Caspian Sea increased its average daily oil production by 7 per cent in three quarters of 2013, the company said.

According to the report, the average daily oil production amounted to 74,300 barrels during the reporting period, while this figure was 69,600 barrels per day in 2012.

The basic PSA (Production Share Agreement) was signed in 1999 with the Turkmen government. Oil transportation was carried out through Baku port (Azerbaijan), and a relevant contract was signed for the period to December 31, 2014.

The company sold some 3.2 million barrels of oil in three quarters of 2013 compared to 2.8 million barrels sold in the same period of 2012.

The company has been registered on the London and Dublin stock exchanges. It conducts its activity mainly in the Eastern sector of the Southern Caspian Basin in the contract area of Cheleken. This area is nearly 950 square kilometres. It includes the Jeitun, Jigalybek and Chelekenyangummez fields.

Over 40 new wells were put into operation, a number of offshore platforms were reconstructed and constructed, tens of kilometres of pipelines were laid, export opportunities were expanded, supplementary oil storages were constructed and the loading of two tankers simultaneously became possible from the beginning of the project's implementation.

In 2011, the company said it was planned to invest up to $600-700 million in the next three years to develop the oil infrastructure of the Cheleken project.

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