Turkmenistan, Ashgabat, Aug. 5 / Trend H.Hasanov /
The company "Dragon Oil" announced the successful completion of the next phase of drilling in the Turkmen part of the Caspian Sea, the press-release said.
The matter rests in a Jeytun 28/158 field well, which showed a daily production rate of 2,876 barrels of oil at a level of 1,786 meters. A PSA agreement with the Turkmen government was signed in 1999.
Dragon Oil plc, an international oil and gas exploration and production company, issued a trading statement reporting a 25 percent increase in the average daily production rate at approximately 58,000 barrels of oil per day ("bpd") in the first quarter of 2011, compared to 46,420 bpd in the first quarter of 2010.
Capital expenditure on infrastructure and drilling amounted to $151 million for the first quarter of 2011 compared to $174 million in the first quarter of 2010.
Dragon Oil is registered on the London and Dublin stock exchanges.
The basic PSA agreement with the Turkmen government was signed in 1999. The total area of the contract area is approximately 950 square kilometers. It includes the deposits Jeytun and Jigalibeg and Chelekenyangummez.
More than forty new wells have been commissioned since the project's implementation, more than a dozen offshore platforms were constructed and reconstructed, and more than 80 kilometers of pipelines have been laid. Opportunities for export have increased and additional storage facilities been constructed. Two tankers are now being loaded simultaneously.
The company previously reported that $600-700 million is planned to be invested in the Cheleken oil infrastructure development project in the next three years, of which $250 million will be spent in 2011.