Dragon Oil will drill an additional 14-16 wells this year to help meet its 100,000 barrel per day production target for 2014. The company also stated that it will drill a further 20 wells in 2015, according to Reuters.
Dragon Oil encountered a host of delays difficulties during well testing in 2013 which resulted in a lower than expected production rate.
“We continue our journey to achieve the 100,000 bpd production target in 2015, which will be maintained as a plateau from 2016,” said Dragon Oil chief executive Abdul Jaleel Al Khalifa.
It now forecasts an annual production growth rate at the lower end of 10-15 percent for 2014.
The company posted a 13 percent drop in operating profit to $687.7 million and revenue was down 9 percent at $1.1 billion, Dragon Oil said on Tuesday.
