Dragon Oil announces investment data on Turkmenistan
Ashgabat, Turkmenistan, Dec. 1
By Huseyn Hasanov- Trend:
"Dragon Oil" company (the oil company registered in Ireland and headquartered in Dubai)
mainly operates in the Turkmen part of the Caspian Sea. It is ready to invest $ 1.5 billion in the project until 2016, the company said.
"We expect to spend $1.5 billion on capital expenditure for infrastructure and drilling in 2014-2016," a statement says.
Dragon Oil (Turkmenistan) Ltd has had the privilege of working with Turkmenistan for over 14 years now, having invested around $4 billion in expanding production in the Cheleken Contract Area. Dragon Oil is one of the largest foreign investors in Turkmenistan.
In 3Q 2014, we achieved an average gross daily production rate of 80,000 bpd. With additional drilling and infrastructure investment, we are targeting to reach 100,000 bpd by the end 2015.
The current storage capacity is 300,000 barrels (40,000 metric tons). With the new tank farm, storage will be 1,500,000 barrels (200,000 metric tons).
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.
edited by CN