Saturday 18 November 2017

Dragon Oil looking to step up oil production

Dragon Oil
Dragon Oil

Paul O'Donoghue

Dublin-listed oil and gas explorer Dragon Oil announced yesterday that it was aiming to produce 100,000 barrels of oil a day by the end of the year.

The company sold 23pc more crude oil in the first quarter of 2015 compared with the same period last year.

However, this was largely offest by the price of oil, which has plunged in recent months.

The company sold 4.8m barrels of crude oil over the period at an average price of $40 per barrel.

This compared to 2.7m barrels sold last year at an average price of $92 per barrel.

The firm spent $153m (€142m) on infrastructure, drilling and exploration assets in the first quarter of 2015. It is now set to splash out $500-$600m on infrastructure and drilling as well as $100m in exploration assets over the rest of the year.

Emirates National Oil Company, ENOC, which owns 54pc of Dragon, made an approach for the shares it does not own last month. Dragon Oil has formed an independent committee to evaluate the approach.

Irish Independent

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