Tashkent, Uzbekistan, Nov. 21
By Demir Azizov- Trend:
Dragon Oil of the United Arab Emirates and Great Britain, continues to invest in its oil project in the Turkmen section of the Caspian Sea, CEO of Dragon Oil Abdul Jaleel Al Khalifa said at international conference "Oil and Gas of Turkmenistan -2013" being held in Ashgabat on Nov.19-21.
"The main asset of the company is concentrated in the "Cheleken" area of the Turkmen shelf of the Caspian Sea, where development has been ongoing since 2000 under a production sharing agreement (PSA). Around $ 2.8 billion has been invested," he said, adding that the assets of exploration projects in Tunisia,Iraq and Afghanistan are also being developed.
According to Al Khalifa, an impressive gross production growth has been observed in Turkmenistan since the commencement of the Production Sharing Agreement. Organic 2P oil and condensate reserves replacement of 190% against cumulative gross production".
Jaleel Al Khalifa also stressed that the production target of 13,000 Tons/day (100,000 barrels) is possible by 2015 and plateau at this level is possible for at least five years thereafter"
It was earlier reported that Dragon Oil carries out oil transportation 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 at Cheleken. This area is nearly 950 square kilometres. It includes the Jeitun, Jigalybek and Chelekenyangummez fields.
Proven and explored reserves of oil and condensate in the contract area in Turkmenistan is 677 million barrels. Contingent oil and condensate reserves account for 59 million barrels. Gas reserves are 1.5 trillion cubic feet. Prospective gas resources amount to 1.4 trillion cubic feet.