DUBAI-based Dragon Oil plans to meet a production target of 100,000 bpd in Turkmenistan in the next five years.
The Turkemenistan-focused producer posted a 47 per cent boost in revenues during 2011 to US$1.15 billion and generated a profit that was 68 per cent greater at US$648 million.
"In 2011, we achieved a remarkable production growth, 30 per cent increase in gross field production, which has translated into record financial results for the group,” said Dr. Abdul Jaleel Al-Khalifa, chief executive of Dragon Oil.
Dragon, which pumped 71,751 bopd from its Cheleken Contract Area in the Caspian Sea, completed 13 wells last year as part of its aggressive drilling programme in the license area.
“I am confident that Dragon Oil will reach the challenging new 100,000 bopd production target in 2015 and sustain this level for at least five years thereafter,” he said.
Dragon expects to complete between 13 and 15 wells, while it plans to complete 15 to 20 development wells each year from 2013 to 2015.
The company has completed the installation of the Dzheitune (Lam) C platform and the Dzheitune (Lam) Block-1 gathering platform, both of which are now operational.
He added: “I am particularly pleased that the excellent results we have achieved with respect to drilling this year have been complemented by the addition of some 41 million barrels of oil and condensate to our 2P reserves, allowing us to achieve a reserve replacement ratio of 183 per cent, while another 88 million barrels are booked as contingent oil and condensate resources.”
Oil News | Caspian
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