Azerbaijan, Baku, May 17 / Trend V. Zhavoronkova/
Dragon Oil plc, an international oil and gas exploration, development and production company, publishes an update on the successful completion and initial testing of the Dzheitune (Lam) 28/169 development well in Turkmenistan and on the Group's recent production performance.
The Dzheitune (Lam) 28/169 well was completed as a single producer to a depth of 2,010 metres, the company reports.
It tested for initial production at 1,775 barrels of oil per day ("bpd"). The drilling rig has skidded to the next slot and spudded the Dzheitune (Lam) 28/172 well.
Early in 2Q 2012, a number of older wells were choked down to minimize possible production of sand; that had an impact on the oil flow from these wells. The Company is gradually bringing the wells back to normal levels of flow by installing sand screens in some of those affected older wells, as well as desanders on certain platforms in the areas prone to sand production.
Over the last two years, Dragon Oil has been installing sand screens on newer wells to control sand production and to ensure effective oil flow from well completions and we will continue to do so in 2012. In 2011, it also installed a desander on the Dzheitune (Lam) 63 platform.
Taking into account the performance in 1Q 2012 and estimates for 2Q 2012, the company forecasts that the average gross production growth in 1H 2012 is likely to be around 10 percent-15 percent over the average gross production level of 58,000 bpd achieved in 1H 2011.
Dragon Oil expects to return to the above 70,000 bpd level in July and seeks to optimize the drilling programme for the remainder of the year including a possibility of drilling some additional wells.
Dragon Oil plans to increase oil production in Turkmenistan by 15 percent in 2012. In 2011, the company increased the average daily oil production by 30 percent.
Last year, 13 wells were set out into operation. The operating profit was $856 million.
Dragon Oil mainly uses the route for extracted raw material exports via Azerbaijan.