EXPLORATION and production company Dragon Oil revealed yesterday that it is targeting a 10 per cent increase in production during 2015.
The group is planning to complete between 15 and 20 wells per year in 2015 and 2016, with the aim of producing 100,000 barrels of oil per day in 2016. The company said it hopes to maintain this level of production for “a minimum period of five years” from 2016 onwards.
The firm also stated that it expects to report total revenue of $1.1bn (£725m) for 2014 when it publishes its 2014 full-year financial results on 17 February 2015.
Dragon Oil had been in discussions over a possible bid for Irish oil firm Petroceltic towards the end of last year, but decided against it “in light of a significant drop in the crude oil price and subsequent uncertainty about the long-term prices for crude oil”.
Dr Abdul Jaleel Al Khalifa, Dragon Oil’s chief executive, said: “We will continue to search for the right fit value-creative development asset.”