Development of residual oil reserves on land of Azerbaijan has great prospects

Baku, Azerbaijan, Dec.22

By Emil Ismayilov - Trend:

The development of residual oil on the onshore fields of Azerbaijan in the current conditions has great prospects, but requires additional investment, the head of an authorized office of the US Capital Equipment and Trading Corporation (CETCO) in Azerbaijan Artem Krashakov told Trend.

He said that there are considerable residual oil reserves on the onshore fields of Azerbaijan, but ensuring their production requires the use of modern techniques and technologies.

"Prospects for the opening of new large oil fields in Azerbaijan are not defined," said Krashakov. "That is why all efforts should be directed towards the development of residual reserves and Mesozoic sediments on the old fields. However, all this requires the use of modern equipment that was previously unavailable."

He went on to add that the proper organization of the drilling process is important, and the main attention should be paid to the correct choice of drilling rigs in this issue. As an example of modern and quality onshore rigs, Krashakov mentioned drilling SCHRAMM T250XD (made in USA), delivery and maintenance of which is carried out by CETCO.

It is reported that these rigs allow drilling wells of a depth to 4,000 meters. Technological features of SCHRAMM rigs allow high-speed operation while maintaining the quality, preparation of well cluster, the development of new fields or implementation of plans for a large-scale intensification of production on the fields.

"I do not agree with the statement "the more expensive, the better,"" said Krashakov. "One can always find quality equipment at a quite affordable price. In any case, the use of modern equipment requires additional investment, and this is a natural process."

He said that despite the fact that the era of cheap oil has ended, efforts to develop this important resource will be continued, but already with the use of more modern achievements of technique in technology.

Most of the oil produced in Azerbaijan falls on the Azeri-Chirag-Guneshli (ACG) block of offshore oil and gas fields, the proven oil reserves of which are estimated at 1 billion metric tons. More than 30 million tons of oil is annually produced from the block, developed by SOCAR together with foreign companies. However, the country has significant residual oil reserves on the onshore fields.

The proved oil reserves of Azerbaijan account for 2 billion metric tons, and the figure is 4 billion metric tons together with the projected oil reserves.

The Capital Equipment and Trading Corporation (Houston, USA) work in the CIS countries for more than 20 years and has offices in Azerbaijan, Russia, Kazakhstan, and Ukraine. CETCO is also the authorized representative of Eckel Manufacturing Inc. and offers a wide range of keys of Eckel, as well as service, training, equipment start-up.

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Follow the author on Twitter: @Emilsmail

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