Rig Prepared for Drilling in Prospective Field of Azerbaijan
Azerbaijan, Baku /corr. Trend S. Aliyev / The rig 'Istiglal' will be located to the prospective field of Inam at the end of October and beginning of November to drill a second exploration well, a source from the State Oil Company of Azerbaijan (SOCAR) reported on 25 October.
Drilling of the second development well in the Azerbaijani prospective field of Inam is expected to be commenced at the end of 2007.
The depth of the second development well is to be 5,300m and is located 40km off the coast. Drilling is expected to be completed by April 2008.
Earlier, there were attempts to drill the well, however, due to high pressure drilling was suspended.
The Korean National Oil Company (KNOC) signed an agreement on 10 October with Shell to purchase 20% from the 25% share holding of the Britain-Holland company in exploration and development prospects of the Inam project.
Thus, the share holding in the Inam project is BP - 25%, SOCAR - 50%, KNOC - 20% and Shell - 5%.