Dragon Oil’s profit in Caspian’s Turkmen sector stable
Oil and gas company Dragon Oil owned by the UAE and UK made a profit of $308.9 million in the first half of 2012, compared to $309.4 million in the same period of 2011, the company said.
The company's average daily oil production in the Turkmen sector of the Caspian Sea increased by 10.7 percent, amounting to 64,200 barrels, while a year ago 58,000 barrels per day were produced.
According to the schedule, work on 12 wells was completed in this period.
A production sharing agreement was signed with the government of Turkmenistan in 1999. Transportation of oil has been carried out through the seaport in the Azerbaijani capital Baku under a contract signed in June 2010.
The company is quoted on the London and Dublin stock exchanges. Its principal producing asset is in the Cheleken Contract Area, in the eastern section of the Caspian Sea, offshore Turkmenistan. The total contract area is about 950 square kilometers.
The company reported a year earlier it intends to invest $600 million to $700 million in the development of the oil infrastructure under the Cheleken project within the following three years.
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