Dragon Oil to Top 100,000 Barrels Per Day
Dragon Oil plc is an independent international oil and gas development and production company, with a focus on oil fields off the coast of Turkmenistan.
The company had set itself a target of 10-15% growth rates through to 2015, with an aim to produce 100,000 barrels of oil per day by that time.
The company said today that following a detailed review of its oil fields, it expected to be able to maintain average production growth of 10 to 15 percent to 2015, having previously guided the same growth rate for the period to 2013.
"The plateau production of 100,000 bopd is a milestone that we aim to achieve in 2015 and maintain for a minimum period of five years," chief executive Abdul Jaleel Al Khalifa said in a statement.
Dragon Oil also said that production could exceed its new targets should a project to inject water into the wells to enhance oil output be successful.
Production is expected to reach 70,000 bopd by the end of this year, the company said, representing a production growth rate of over 25 percent in 2011, and reversing disappointments from 2010 when it cut production growth guidance after infrastructure bottlenecks.