Dragon Oil to Spend $600-$700MM in Turkmen Projects

Dragon Oil awarded two contracts for the construction of two new platforms in the Cheleken Contract Area, located in the Caspian Sea. The first awarded contract is for the construction of the Dzhygalybeg (Zhdanov) A platform, which will support both a land rig and a jackup rig. The platform will have the capacity to drill up to eight wells, and will be installed on the Zhdanov field. Final completion of the work is scheduled for the first quarter of 2012. The contract was awarded to Caspian Energy Projects LLC.

The second contract, awarded to ILK Insaat Taah, San Ve.tic, is for the construction of the Dzheitune (Lam) C platform, which will support a jackup rig. The platform will also have the capacity to drill up to eight wells on the Lam field, and construction of the platform is due for completion in the fourth quarter of 2011.

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