Major drilling rig being repaired in Azerbaijan

Business Materials 24 April 2015 18:47 (UTC +04:00)

Baku, Azerbaijan, Apr. 24

By Maksim Tsurkov - Trend:

Dede Gorgud floating semisubmersible drilling rig, which was used at the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, is currently being repaired at the shipyard of SOCAR (State Oil Company of Azerbaijan), a source on the oil and gas market of Azerbaijan told Trend April 24.

The repair of the rig is held in accordance with the approved plan, according to the source.

"The rig is now at the Baku Shipyard factory, where it undergoes the scheduled maintenance," said the source. "All works are held in accordance with the timetable and will continue until the end of July."

The source also said that the decision on further position of the platform rig will be made upon completion of the repair.

Caspian Drilling Company (92.44-percent share is owned by SOCAR) is the operator of Istiglal floating drilling rig.

The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion metric tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.

The volume of oil produced at ACG was 31.5 million metric tons (233 million barrels) in 2014, compared to 32.2 million metric tons (239 million barrels) in 2013.

Edited by CN

Follow the author on Twitter: @MaksimTsurkov