---Adds broker comments---
() told investors it will achieve production growth of around 10% this year.
This morning Dragon said it produced an average of 69,600 barrels of oil per day during the third quarter at its operations in the Caspian Sea.
It follows work to overcome ?sanding? problems which restricted production in a number of wells earlier this year.
"In the third quarter of this year we achieved a 13% increase in the gross production compared to the same period last year,? said chief executive Dr Abdul Jaleel Al Khalifa.
?The sanding issues were put under control allowing us to restore the gross production to above 70,000 bopd in mid-August and we have been maintaining the production above this level since then.
?The gross production growth for 2012 is expected to be 10%, a solid result given constrained production in the second quarter of this year.?
The company sold 2.8 million barrels of oil during the third quarter, 4% more than in the same period of last year, and it realised an average sales price of US$98 per barrel ? a 11% discount to Brent.
All of Dragon?s oil was exported via Azerbaijan. And the company says it is in negotiations over marketing arrangements for future exports.
Dragon also revealed that it has now contracted two additional platform based rigs to increase its offshore drilling capacity in the Caspian Sea.
It expects to achieve 10% production growth this year, and it says that next production growth will be at the lower end of its 10-15% guidance.
Production is still expected to grow between 10-15% each year in the period between 2012 and 2015, which will take the fields output to 100,000 barrels per day during 2015.
Dragon says it aims to maintain this peak production for five years, from 2016 onwards.
Dublin based broker Davy highlights that Dragon will have to continue investing in infrastructure as it builds towards its 100,000 barrel a day target.
?The next two years will be particularly important in drilling and infrastructure investment terms, and the news of two new platform rigs is particularly welcome as will be the expected mid-year arrival of the Caspian driller,? said analyst Job Langroek.
On the exploration front the company is expected drilling to get underway on the Bargou permit, offshore Tunisia, between December and March.
?
It also highlights that it has pre-qualified for an upcoming bidding round for the Afghan-Tajik oil and gas blocks in Afghanistan. The award of contracts is expected in the early part of next year.
navy seal team 6 tim gunn tim gunn built to last obama state of the union address 2012 mitt romney tax return flip saunders
No comments:
Post a Comment