Oil exploration group Dragon Oil has announced a 28% increase in gross production in 2008 and said it was targeting a 15% rise in average daily production in 2009.
Dragon said it had achieved average daily production of 40,992 barrels of oil per day (bopd) in 2008, and ended the year with an output of 45,600 bopd. This compared with a figure of 40,048 at the end of 2007.
It said that capital spending for the year was $307m, compared with $228m in 2007.
'Although the industry is presently contending with a lower oil price than experienced recently, we are confident our forward thinking, proactive nature and strong cashflows will stand us in good stead, enabling Dragon Oil to mitigate the impact,' CEO Abdul Jaleel Al Khalifa said.
