Azerbaijan, Baku / Trend corr S. Aliyev / Salyan Oil, a largest operating company with foreign capital producing oil in Azerbaijan's Kursangi-Garabaghly on-shore fields, developed its program on the work to be carried out in 2008, the company reported on 11 October.
In 2008, the company intends to drill 2 exploitation wells in the fields it is developing. One of the wells will be drilled in Garabaghly field, another in Kursangi field. Both wells will be intended for exploitation. Depth of the wells will make up 3,500 metres.
The managing committee of Salyan oil will hold a meeting by the end of this year, where the budget of the company for 2008 will be approved.
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.