Oil explorer company Dragon Oil has been boosted after seeing its average daily production in 2013 rise 9.1%.
The Dubai firm said the average daily production rate in 2013 was around 73,750 barrels of oil per day (bopd), from 67,600 barrels in 2012.
Dragon said during the year ten development wells, including one sidetrack, were put into production. The firm also confirmed four drilling rigs are on site in the Cheleken Contract Area in Turkmenistan.
The company said it had achieved a reserves replacement ration or around 93% during the year, with year-end oil and condensate reserves or around 675million barrels.
During the year, capital expenditure on infrastructure, drilling and exploration assets was just under £200million in 2013.
“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.”
He said the company’s diversification efforts in recent years meant its asset portfolio now included four exploration assets in Tunisia, Iraq, Afghanistan and Egypt.
“We continue the search for the right fit value-creative development asset as well as more exploration blocks,” he added.
“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.”
