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Dragon sees 100k barrels a day in 14

Tuesday, January 14 12:15:59

Irish-based oil and gas explorer, Dragon Oil, today said it is on course to meet its target of 100,000 barrels of oil per day.

It said it grew cash reserves to USD1.9bn in 2013, up from USD1.7bn, and its production growth targets remain "in sight".

Working towards a 100,000 barrel per day target next year, the oil firm completed ten new wells in 2013 and it is now ramping up development drilling by adding new drill rigs - four are set to be operating within the Cheleken contract area.

Last year daily production grew by 9.1pc to average 73,750 barrels per day, and the exit rate for December was 74,812 barrels per day.

Dragon Oil plans to grow production by between 10 and 15pc in 2014, by drilling 14 to 16 new wells.

"In 2013, we completed 10 wells, which is fewer than what we had planned due to delays in new rigs operations and maintenance of existing rigs," said chief executive Dr Abdul Jaleel Al Khalifa.

"Yet the growth achieved is significant given that we only had one rig for the full year and the other rig for part of the year operational in the Cheleken Contract Area."

"The 100,000 bopd production target remains in our sights to be reached in 2015 and then we aim to maintain the average daily production of 100,000 bopd as a plateau from 2016 for at least five years. In the coming few weeks, we expect four rigs to be drilling in the Dzheitune (Lam) and Dzhygalybeg (Zhdanov) fields with two more rigs expected to arrive later in 2014."