Dragon Oil's output grows by 9.1% last year

Tuesday 14 January 2014 08.40
Dragon Oil produced 73,750 barrels of oil a day last year
Dragon Oil produced 73,750 barrels of oil a day last year

Turkmenistan-focused oil company Dragon Oil has posted a 9.1% rise in production in 2013, in line with a downgraded forecast.

The Dublin-listed company said it would return to its target of annual output growth of between 10-15% this year.

The company said today that it produced 73,750 barrels of oil per day (bopd) last year and was on track to hit a long-term target of 100,000 bopd in 2015.

Dragon Oil had warned in October that 2013 production would only grow between 9-10%, lower than its long term guidance of 10-15%, as a result of it having drilled fewer wells. 

The company, which has recently secured exploration opportunities outside of its Turkmenistan base in Tunisia, Iraq, Afghanistan and Egypt, said it continued to look to make an acquisition.

"We continue the search for the right fit value-creative development asset as well as more exploration blocks," chief executive Abdul Jaleel Al Khalifa said in a statement.

Dragon said its cash balance stood at $1.9 billion at the end of December.