Dragon Oil’s revenue fell by 18% in the second quarter of the year compared with the same time in 2014 as the company felt the knock-on effect of a lower oil price.
The company said the figures changed from $547million to $449million in 2015.
Meanwhile profits also dropped by 52% from $289million to $139million.
However production has risen since last year to 92,060 barrels of oil per day (bopd) compared to 73,440bopd per day in 2014.
The company said the lower revenue was “primarily due to lower realised crude oil price of $44 per barrel.”
Dr Abdul Jaleel Al Khalifa, chief executive, said: “Gross production has increased compared to the level in 1H 2014 on the back of strong initial flow rates from new development wells,
additional perforations in certain existing wells and the application of jet pumping systems.
“The significant decline in crude oil prices is reflected in the financial results, and we generated US$139mn of net income, a drop of 52% from the levels achieved in the corresponding period last year.
“We surpassed the 100,000 bopd mark on 9 June 2015 – an achievement of which, we, the team at Dragon Oil, are very proud of.
“Since then, we are hovering around that rate. Work on our exploration assets progresses in line with programmes agreed with our respective partners and host governments.”
Dragon Oil said a further seven to 10 wells are expected to be completed by the end of the year.
Drilling operations will also be commenced by the Caspian Driller jack-up rig.
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