Dragon Oil actively operates in Turkmen section of Caspian Sea

Turkmenistan Materials 21 December 2016 15:09 (UTC +04:00)

Ashgabat, Turkmenistan, Dec. 21

By Huseyn Hasanov – Trend:

The oil and gas company Dragon Oil PLC, which operated at the offshore block Cheleken in Turkmenistan in the 1H2016, produced 93,335 barrels of oil per day, the online newspaper of the Turkmen Oil and Gas Complex reported.

The Cheleken contract area, which is located in the Turkmen section of the Caspian Sea, includes Dzheitune (Lam) and Dzhygalybeg (Zhdanov) fields.

Currently, the work is underway to further intensify production and increase oil recovery, for which, in particular, a project on Dzheitune field’s waterflooding has been started, according to a message from Dragon Oil.

The company has been operating in the country since 2000 on the basis of a production sharing agreement (PSA).

During the period, daily production at the block increased from 7,000 barrels to 100,000 barrels in 2015.

More than 100 fields have been drilled since the beginning of the project’s implementation and well workover operations have been conducted.

Ten new platforms have been established, five of which are operational.

The construction of additional oil storages has been completed, thanks to which total capacity of oil storing increased up to 1.8 million barrels.

A main pipeline has been built to transport oil and gas from offshore platforms to the shore base.

As of late 2015, the company’s investments in the development of oil field and production boosting in Cheleken project amounted to $5.1 billion, which makes it one of big foreign investors in Turkmenistan.