Dragon Oil aims to boost oil production by end of 2015

Exploration firm is targeting 100,000 barrels of oil per day

Dragon Oil said it had seen average gross production in the Cheleken Contract Area rise about 23 per cent to 88,700 barrels of oil per day in the first quarter of the year. Photograph: Daniel Acker/Bloomberg

Dragon Oil said it had seen average gross production in the Cheleken Contract Area rise about 23 per cent to 88,700 barrels of oil per day in the first quarter of the year. Photograph: Daniel Acker/Bloomberg

 

International oil and gas exploration firm Dragon Oil said it was continuing to aim for a target of 100,000 barrels of oil per day by the end of this year, driven by a strong gross production performance in Turkmenistan.

The company said it had seen average gross production in the Cheleken Contract Area rise about 23 per cent to 88,700 barrels of oil per day in the first quarter of the year.

“Since the beginning of April, we are producing at above 93,000 bopd,” said chief executive Dr Abdul Jaleel Al Khalifa. “This gives us added confidence in reaching our target of 100,000 bopd gross production later this year.”

In an interim statement, the company said it had spent $153 million on infrastructure, drilling and exploration assets in the first quarter of 2015. Dragon said it expects to spend between $500 million and $600 million on infrastructure and drilling, excluding the cost of the gas treatment plant in the Cheleken Contract Area, and invest up to $100 million in exploration assets in 2015. The firm is aiming to complete 15 to 20 wells in 2015 and 2016, and keep production at an average of 100,000 barrels of oil per day for a minimum of five years.