United Arab Emirates based Dragon Oil, which operates in the Turkmen sector of the Caspian Sea, has increased its average daily hydrocarbon production by more than 10 times compared to 2000.
Ibragim Parkuyev, director for business development of Dragon Oil, noted that this result was achieved thanks to new drilled wells and overhaul of the existing wells at the Jygalybeg and Jeýtun fields.
According to the director, Dragon Oil will continue to increase hydrocarbon production.
The representative of the company underlined a great future for cooperation in the development of offshore blocks of the Turkmen sector of the Caspian Sea. He added that they held discussions on this subject at the International Exhibition "Oil and Gas of Turkmenistan-2019" (OGT 2019).
Dragon Oil is the operator of the Cheleken Contract Area under a Production Sharing Agreement (PSA), which was signed in November 1999 and became effective in May 2000.
The company has implemented investment projects worth $6.6 billion in Turkmenistan. Dragon oil extracted more than four million tons of oil from 17 wells located in the Cheleken Contract Area.
Since starting its operation, the company increased the daily hydrocarbon production at the Contract Area from 7,000 barrels in 2000 to up to 80,000-100,000 barrels.
The current PSA between Dragon oil and Turkmenistan expires in 2025.