Dragon Oil increases average daily oil production in Turkmen part of Caspian Sea
Ashgabat, Turkmenistan, April 17
By Huseyn Hasanov- Trend:
Dragon Oil - an oil and gas company (United Arab Emirates, Great Britain), mainly operating in the Turkmen part of the Caspian Sea, increased the average daily oil production by 23 percent in the first quarter of 2015.
The average daily oil production was around 88,700 barrels during this period, the company said.
Dragon Oil is one of the largest foreign investors in Turkmenistan. The company signed a basic PSA (Production Share Agreement) was signed in 1999 with the Turkmen government.
The company 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.
More than forty new wells have been put into operation since the beginning of the project implementation. A number of offshore platforms have been reconstructed and built, pipelines have been laid and export opportunities expanded. Also, additional oil storage tanks have been built.
The company has previously said that is ready to invest $1.5 billion in the project until 2016.