Dragon Oil, a listed explorer focused on Turkmenistan, said production growth in 2013 will be at the lower end of its 10-15 per cent target.

The company raised its dividend by 50 per cent to 30 cents a share from 20 cents in 2011 and bought back $200 million (€149 million) in shares last year. It said dividends would remain of a similar order. Profit slipped 7 per cent in 2012 to $600m.

Output increases would return to about 15 per cent next year as it sought to achieve 100,000 barrels of oil equivalent a day by 2015, it said yesterday in a statement in London.

The company would continue to seek acquisitions in Africa and Asia, Dragon’s chief executive officer Abdul Jaleel Al Khalifa said.

– (Bloomberg)