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Azerbaijan’s Largest Operating On-shore Oil Producing Company Completes Drilling New Well

Oil&Gas Materials 20 February 2008 21:06 (UTC +04:00)

Azerbaijan, Baku, 20 February / Trend corr S. Aliyev / Salyan Oil, the largest operating company with foreign capital, which produces oil at the Azerbaijani on-shore fields Kursangi-Garabagli, will complete the drilling of the first for this year well by the end of February, the company reported on 19 February. The drilling is implemented at the Kursangi field and the depth of the well is some 4,000 metres.

Currently, the Company's daily debit in the fields comprises 760,000 tons.

In January, the Company produced 23,000 tons of the oil and 2.7mln cu.m of the gas.

In 2008, the operating company intends to drill 6 production wells. Their depth will achieve some 3,500 - 4,000 metres. The Company's budget for 2008 totals $45.5mln.

In 2007, Salyan Oil drilled 6 wells. Salyan Oil's budget for 2007, comprised $43mln.

In December 1998, a 25-year production-sharing agreement on the development of Kursangi and Garabaghly oil fields was signed. 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 & Gas Exploration and Development Corp. (CNODC) and FAL, each holding a 25% stake.

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