Dragon Oil increases exports of Turkmen oil
Ashgabat, Turkmenistan, July 17
By Huseyn Hasanov- Trend:
Dragon Oil oil and gas company (UAE, UK), conducting major work in the Turkmen section of the Caspian Sea, has increased export of raw materials to up 5.9 million barrels in the first half of 2014 versus 5.7 million barrels a year earlier, the company's report said.
The export of oil has been carried out totally through the Port of Baku (Azerbaijan).
Average daily oil production reached 73,440 barrels during the reported period compared to 73,600 barrels in the same period last year. The company's costs in the Turkmen project amounted to approximately $295million the first half of 2014 compared to $149 million a year earlier, the report said.
The basic PSA (Production Share Agreement) was signed in 1999 with the Turkmen government. Oil transportation was carried out through the Port of Baku and a relevant contract was signed for the period to December 31, 2014.
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 kilometers. It includes the Jeitun, Jigalybek and Chelekenyangummez deposits.
Over 40 new wells were put into operation, a number of offshore platforms were reconstructed and constructed, tens of kilometers 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 reported it was planned to invest up to $600-700 million in the next three years to develop the oil infrastructure of the Cheleken project.
Edited by CN