The Salyan Oil Limited (SOL) operating company spent over $35 million in the current year on the project for exploration and development of the contract area "Рљyursangi-Garabagli".
The company plans to invest totally the amount of $47 million in the framework of the project, from which 70-80% has been already spent, the State Oil Company of Azerbaijan (SOCAR), a member of the project told Trend.
Salyan Oil commissioned one exploration well on the “Babazanli” field and one production well on “Kyursangi” in the current year.
Despite the problems the company faced while drilling it managed to fulfill the commitments on the contract. The Salyan Oil contractor on wells drilling is Chinese Great Wall Drilling.
SOL currently drills the second exploration and production well on “Garabagli” field. No problems are observed while drilling, SOCAR noted. Boring works are performed at the depth of about 2,000 meters. The design depth of the exploration well is 4400 meters. The works started in August and are scheduled to finish by the year-end. The design depth of the production well is some 3500 meters. At first stages it will be a water-injection well, later on Salyan Oil will re-profile it into the oil production one.
Geological reserves of the “Kyursangi-Garabagli” field are 100 million tons of oil, the oil extracting factor is some 0,2-0,3. The block’s potentially extracted reserves are 25 million tons of the crude oil. However, the field is exploited currently for 20%. ”