Dragon Oil Production Increases

24 January 2010 (Last Updated January 24th, 2010 18:30)

Oil and gas company Dragon Oil said its average daily production rate increased 9% to 44,765bopd in 2009 compared with 40,992bopd in 2008, reaching the 50,000bopd level at the end of last year. The company said eight development wells were put into production last year and $317m had

Oil and gas company Dragon Oil said its average daily production rate increased 9% to 44,765bopd in 2009 compared with 40,992bopd in 2008, reaching the 50,000bopd level at the end of last year.

The company said eight development wells were put into production last year and $317m had been invested as capital expenditure on infrastructure and drilling, up from the $287m invested in 2008.

"We completed eight development wells, the Dzheitune (Lam) B platform in the Caspian Sea was installed and three rigs were contracted for in addition to Dragon Oil's owned Rig 40," Dragon Oil CEO Abdul Jaleel Al Khalifa said.

Dragon Oil, which expects to complete 11 wells in 2010, sold 10.5 million barrels of crude oil in 2009 compared with 7.5 million barrels in the previous year.

Dragon Oil (Turkmenistan) is the operator of the production sharing agreement for the Cheleken contract area offshore Turkmenistan and also holds interests in Blocks 35, 49 and R2 (10%) in the Republic of Yemen.