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Dragon Oil invests in Turkmen oil project nearly $5B

Date: 4 December 2015 19:07

Ashgabat, Turkmenistan, Dec. 4

By Huseyn Hasanov– Trend:

The Dragon Oil Company has invested more than $4.8 billion over 15 years in the development of the Cheleken contract area in the Turkmen sector of the Caspian Sea, which made it possible to increase production to 100,000 barrels of oil a day, Dragon Oil Turkmenistan Head Faisal Rabee Al Awadhi said.

He made the remarks in the interview with the NEBIT-GAZ electronic newspaper of the ministry of oil and gas industry and mineral resources of Turkmenistan.

The company received a license to develop and produce oil and gas on Cheleken for 25 years, starting from 2000, as well as the exclusive right to license renewal for another 10 years.

The Cheleken contract area located in the east of the South Caspian Basin includes the Jeitun and Jugalybeg deposits. Proven and probable reserves of oil and condensate at the end of 2014 totaled 675 million barrels, gas reserves - 1.3 billion cubic feet.

Al Awadhi said that overhaul of old wells and drilling the new ones, construction of exploration offshore fixed platforms, underwater pipelines was carried out during the project implementation. Reconstruction of the Alaja oil terminal made it possible to simultaneously load two tankers, which increased export opportunities of the company.

As a result, the average daily production at the Cheleken contract area increased from about 7 million barrels in 2000 to more than 100,000 barrels of oil in 2014. Construction of eight new oil storage tanks with a total capacity of 160,000 barrels is currently underway.

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