Dubai-based oil exploration and production company Dragon Oil has increased its average daily production rate by 19% during the first quarter of 2009, compared to the same period last year, according to a statement released by the company.
The company, which is controlled by the state-owned oil company ENOC, reached 43,787 barrels per day (bpd) of oil in quarter one 2009 compared to 36,784 bpd in quarter one 2008.
“Dragon Oil continues to increase production and we achieved a 19% increase in the gross production in the first quarter of 2009. The two wells currently being drilled by Rig 40 and the Iran Khazar rig are expected to be completed and come on stream in May this year and add to the production from the existing wells,” Dragon Oil’s CEO, Dr Abdul Jaleel Al Khalifa said.
“We expect to complete eight wells in 2009. The recent extension of the contract for the Iran Khazar rig and good progress in the tendering process for another platform-based drilling rig make us confident in proceeding with our drilling programme,” he added.
The company also stated that they were in a strong financial position with a cash balance of US$833 million with no debt at the end of the first quarter of 2009.
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