Dragon Oil sees production rise by 11%

Despite rise the figure was still short of forecasts made by company

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Dubai-based exploration and production company Dragon Oil Plc has announced that average production rose 11% in the first half of 2009 compared to the corresponding period of 2008.

In a statement released to the media, the company said that the rise in production did not meet forecasts due to operational issues and changes in its drilling programme.

"The first six months of 2009 were eventful for Dragon Oil both on the operational and corporate fronts,” CEO  Jaleel Al Khalifa said.

“Good progress was made with securing rigs to support our long-term drilling programme, but due to changes in the 2009 drilling programme and certain operational issues the average production for 1H 2009 was below our expectations.”

However, we remain committed to our drilling programme and expect to achieve up to 15% growth in annual production on average over the years 2009-11,” he added."

Dragon Oil’s crude oil sales for the period rose by 40% compared to 2008. The company sold 4.9 million barrels although the average price received for its crude dropped 54% to around the US$50 mark.

Average daily production grew to 42,808 barrels per day (bpd) from 38,482 bpd for the corresponding period in 2008.

 

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