Bruce Luberski, the Vice President of ACG, stated at a briefing on 10 November that since the commencement of the Azeri project, which is part of the PSA on Azeri-Chirag-Gunashli contract area, the Azerbaijan International Operating Company (AIOC) has spent a total of $6,399 bln in investments, Trend reports.
Within the 3rd quarter of 2006 $423 mln had been spent on the Azeri project which includes Central, West and East portions of the Azeri field, a part of the Azeri-Chirag-Gunashli contract area.
Luberski noted that generally $1,789 bln has been spent on the implementation of the project on the development of Deepwater Gunashli Field, which is also included in the Azeri-Chirag-Gunashli contract area, including $804l mln spent within the 3rd quarter of 2006.
The AIOC is going to build a new facility on the deepwater section of the Gunashli field for subsea water pumping, which will cost approximately $300 mln. The installation of a subsea manifold will enable the production of an additional 50 mln barrels of oil in this field. If pumping from the first two manifolds is launched immediately with production in 2008, the third facility will be launched and commissioned later. The east manifold will allow the injection of 200,000 barrels of water to stratum a day in the Deepwater Gunashli, through 4 wells with the subsea mouth drilled from one drilling center.
Luberski said that so far $18mln has been spent on the construction of a new subsea manifold in 2006.