Dragon Oil increase average daily oil production in Caspian Sea
Turkmenistan, Ashgabat, August 9 / Trend H. Hasanov /
The Dragon Oil, oil and gas company ( United Arab Emirates, Great Britain ), which conducts its main work in the Turkmen part of the Caspian Sea increased its average daily oil production by 15 per cent in the first six months of 2013, the company reported.
According to the report, the average daily oil production amounted to 73,600 barrels during the indicated period, while about 64,200 barrels of oil per day was produced a year before.
The company achieved a $241.4 million profit during this period compared to $308.9 million in the first six months of 2012.
The company explains the decrease of revenue with decrease of sales in the reported period and lower prices of oil.
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 around 5.7 million barrels of oil in January-June, 2013, compared to 5.8 million barrels in the first six months 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 deposits.
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 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.