Gross field production for 2013 averaged 73,750 bopd (2012: 67,600 bopd). The 9.1% growth was achieved on the back of 10 wells, including one sidetrack, completed during 2013.Â
“In 2013, we completed 10 wells, which is fewer than what we had planned due to delays in new rigs operations and maintenance of existing rigs. Yet the growth achieved is significant given that we only had one rig for the full year and the other rig for part of the year operational in the Cheleken Contract Area. As a result, average gross production grew by 9.1% to 73,750 bopd,” said Dr Abdul Jaleel Al Khalifa, CEO of Dragon Oil.
Dragon Oil sold 11.5 million barrels of crude oil in 2013 (2012: 11.6 million barrels). The marginally lower volume sold over the previous year is mainly due to lower entitlement offset by higher production.
In 2013, Dragon Oil exported 100% (2012: 100%) of its crude oil production through Baku, Azerbaijan. We continue to monitor closely alternative marketing routes to ensure access of our share of the crude oil production to international markets in the medium term.
The Group was in an overlift position of approximately 0.1 million barrels of crude oil at the end of 2013 (31 December 2012: overlift position of 0.1 million barrels of crude oil).”The encouraging results from the artificial lift application and initial positive response from the ongoing water injection pilot project have allowed us to achieve a 93% reserves replacement against the year’s gross production. In the next couple of years, we will be significantly expanding the application of jet pumps and introducing water injection at a number of platforms.
“As a result of our diversification efforts in recent years, our asset portfolio now includes four exploration assets in Tunisia, Iraq, Afghanistan and Egypt. We continue the search for the right fit value-creative development asset as well as more exploration blocks.
“The 100,000 bopd production target remains in our sights to be reached in 2015 and then we aim to maintain the average daily production of 100,000 bopd as a plateau from 2016 for at least five years. In the coming few weeks, we expect four rigs to be drilling in the Dzheitune (Lam) and Dzhygalybeg (Zhdanov) fields with two more rigs expected to arrive later in 2014.”
