British Company Becomes Operator of Two Azerbaijani Oil Projects
Azerbaijan, Baku, 21 February / corr. Trend V. Sharifov/ The British GCM Global Energy has become a part of the project on the development of several land deposits of Azerbaijan, after buying the shares of Canadian Nations Energy.
The Canadian company was the head of Karasu Operating Company engaged in the development of Mishovdag and Kalametdin deposits with 85% share and the operator of Kura Valley Operating Company (KVOC), engaged in the development of Padar and Harrami deposits with share of 80%.
The Current participants of operating companies are as follows: KAOC - GCM Global Energy - 85%, SOCAR - 15%, KVOC - GCM Global Energy - 80% and SOCAR - 20%.
On 12 Oct 2000, the contract on the development of land deposit of Mishovdag - Kalametdin was signed. In 2007, Karasu Operating Company produced some 265,300 tons of oil from these deposits.
The contract on the development of land deposit of Padar - Harrami was signed on 27 April 1999. The operating Kura Valley company produced some 1,850 tons of oil in these deposits in 2007.
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