Dubai-based Dragon Oil said today it has $867 million in cash at hand at the end of last year and plans to use the money for investment and possible acquisitions this year.
It said in a statement its cash position for the same period in 2007 was $543 million.
Dragon’s average crude production for 2008 increased by 28% to about 41,000 barrels per day.
It added that it had boosted capital expenditure to $307 million last year, from $228 million a year earlier.
Dragon plans to boost production by at least 15% this year and has earmarked $600 million for infrastructure development and drilling.