Azerbaijan, Baku / corr Trend S.Aliyev / Salyan Oil, the largest operating company with the foreign capital producing oil in Azerbaijan's Kursangi-Garabaghly on-shore fields, intends to drill 6 production wells in 2008, the company said on 26 December.
The depth of the wells will be 3,500 metres. For 2008, the budget of the company was defined as $45.5mln. The action program for the next year was defined as a result of the meeting of the Steering Committee on 25 December.
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 totaled $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% of its shares, as well as Chinese companies, China National Oil (CNODC) and CNPC (Hong Kong) Ltd. (CNPCHK) each holding a 25% stake.