Azerbaijan, Baku / Trend corr S. Aliyev / Salyan Oil, a largest operating company with foreign capital producing oil in Azerbaijan's Kursangi-Garabaghli on-shore fields, will drill one more exploratory well, according to the company.
Earlier the company completed its drilling program intended for 2007. It drilled 5 exploitation wells each 3,500m deep.
Thus, this year the company drilled 6 wells (drilling of one well began in 2006) with one of them being exploratory.
The budget of Salyan Oil made up $43mln in 2007. A twenty-five year production-sharing agreement on the development of Kursangi and Garabaghly oil fields was signed in December 1998. Salyan Oil was set up a year later and is currently owned by the State Oil Company of Azerbaijan (SOCAR), with 50% interest, as well as Chinese companies, China National Oil (CNODC) and CNPC (Hong Kong) Ltd. (CNPCHK), each holding a 25% stake.