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Leadership
Dragon Oil boosts oil production by 9pc
22.10.2009
Dublin-listed Dragon Oil has announced it has increased oil production by 9pc during its third quarter.
The company said that in the three months to the end of September, its average daily production rate was 46,060 barrels of oil per day (bopd), compared to the 42,320 bopd produced during the same period in 2008.
The company also saw a 121pc in the volume of crude oil sold during the third quarter when compared with Q3 2008. The company sold 3.1 million barrels of crude oil in Q3 2009 against the 1.4 million barrels sold in 2008.
The company’s outlook for the rest of 2009 is positive on the back of the oil-price recovery, Dragon Oil said. It also expects that by the end of 2009 it will have completed two additional wells, awarded a two-year contract for a platform-based rig and will have its Dzheitune (Lam) B platform in Iran installed and ready for drilling.
Considerable progress
“During 2009, we have made considerable progress on development planning and sourcing additional rigs in the challenging environment of the Caspian Sea region,” said Dragon Oil CEO Dr Abdul Jaleel Al Khalifa.
“We have contracted the Astra jack-up rig for six months and expect to award shortly a two-year contract for a platform-based rig.
“We will continue to achieve production growth in 2010-11 and beyond,” he added.
Based on its estimates for its drilling programme and production forecasts for the rest of the year, Dragon Oil is expecting to increase its average gross field production by about 10pc in 2009.
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