Within 15 years Dragon Oil has invested over $4.8 billion into development of the contract area Cheleken in the Turkmenistan sector of the Caspian Sea, which has helped to increase production up to 100,000 barrels of oil a day, said Feisal Rabi Al Avadi, President of Dragon Oil Turkmenistan, in his interview to NEBIT-GAZ.
The company has obtained a license for development and production of oil and gas on the Cheleken field during 25 years since 2000 as well as the exclusive right to extend the license for 10 more years.
The contract area Cheleken located on the east of the South Caspian Basin also includes Ceytun and Cugalibeg fields. By the end of 2014 the proved and probable oil and condensate resources totaled 675 million barrels and gas resources – 1.3 billion cub.feet.
Avadi said that during the project implementation they have done major repair of old wells and drilled new wells, built offshore stationary platforms and underground pipelines. Reconstruction of the oil terminal Alaja has allowed loading two tankers at a time, which has expanded export possibilities of the company.
As a result of the works average daily production on the contract area Cheleken has increased from about 7,000 barrels in 2000 up to over 100,000 barrels of oil in 2014. Construction of 8 new reservoirs for oil storage with a total capacity of 160,000 barrels is currently in progress.
