Dragon Oil upbeat on growth targets

Turkmenistan-focussed oil firm Dragon Oil said it was confident of maintaining its 10 to 15 per cent target growth rate to 2015, putting it on track to produce 100,000 barrels of oil per day (bopd) in four years time.

The company said on Monday that following a detailed review of its oil fields, it expected to be able to maintain average production growth of 10 to 15 percent to 2015, having previously guided the same growth rate for the period to 2013.

"The plateau production of 100,000 bopd is a milestone that we aim to achieve in 2015 and maintain for a minimum period of five years," chief executive Abdul Jaleel Al Khalifa said in a statement.

Dragon Oil also said that production could exceed its new targets should a project to inject water into the wells to enhance oil output be successful.

Production is expected to reach 70,000 bopd by the end of this year, the company said, representing a production growth rate of over 25 per cent in 2011, and reversing disappointments from 2010 when it cut production growth guidance after infrastructure bottlenecks.