UAE-based explorer Dragon Oil says it expects operations in Turkmenistan to accelerate this year after posting a small increase in output.
Production for the first quarter averaged 72,300barrels of oil per day from the firm’s operations in the region, up 0.7% on the same period last year.
But the company has mobilised more rigs in a bid to accelerate output from the country, as it prepares to spend almost £900million over the next two years in infrastructure and drilling operations.
“We have three rigs drilling and one more to commence operations shortly, the pace of drilling will pick up considerably,” said chief executive Abdul Jaleel Al Khalifa.
“The completion of wells will be weighted more towards the second half of the year. We expect production to increase from now to the year end.”
Dragon said it was was closing in on start-up of seismic acquisition in Afghanistan, and was awaiting confirmation of securing a block off the Egyptian coast.
The company said it expected production to grow by 10% this year, and by up to 15% from 2015-16 as it closed in on a target of 100,000 barrels of oil per day by the end of next year.