Tuesday, July 24, 2012 -
Turkmenistan-focused Dragon Oil has plans to drill three more wells this year, bringing its total number of wells dug to 16, the firm said in a Tuesday statement.
“Given the pace of the drilling program so far this year, we have optimized the schedule to complete up to 16 wells, including two soundtracks, in total by the end of 2012,” Dragon Oil CEO Dr. Abdul Jaleel Al Khalifa said in the statement.
“While diversification remains on top of our agenda, we also commenced a US$200 million share buyback program to return some of the cash generated through solid growth of our asset Turkmenistan to our shareholders.”
Average production this year reached an average of 64,200 barrels of oil per day, a 10.7 percent increase over the same period in 2011.
However, production in the second quarter was slowed by excess sand production. Production is set to return to 70,000 barrels of oil per day.