Dragon Oil Plc, the London-listed explorer focusing on projects in Turkmenistan, plans to invest as much as $870 million on oil and gas projects through 2012 to boost production.
Dragon targets annual output growth of 10 percent to 15 percent over the period, the Dubai-based company said today in a statement. It intends to spend $250 million on oil infrastructure to raise production by 15 percent this year.
“We have to be reasonable in our expectations because we don’t want to commit to a much higher growth rate and then we can’t make it,” Chief Executive Officer Abdul-Jaleel Al-Khalifa said today by telephone, citing reliance on rig availability. “Sometimes the progress with contractors there is not as pleasant as you want it to be, you have to be careful.”
No comments:
Post a Comment