Dragon Oil completed 13 wells during 2011 with average gross daily rate of production rising 30 per cent to 61,500 barrels of oil per day (bopd), it said in full year results.
It has set a target of 100,000 bopd production target to be reached in 2015. To achieve this, it will need to spend $1 billion on capital expenditure for oil infrastructure between 2012 and 2015, it said in the statement. $250 million for 2012 projects is expected to be funded from operational cash flow.
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