Big Onshore Operating Company to Launch Drilling of New Well in Azerbaijan
Azerbaijan, Baku, 12 March / corr Trend S Aliyev / Salyan Oil, a biggest operating company with foreign participation involved in the oil production from Azerbaijani onshore fields Kursangi-Garabaghly, has concluded drilling of first well this year, the company said. "At present, pumping work in the well is ongoing," Salyan Oil said. The drilling of well is carried out in the Kursangi field. The depth of the field comprises approximately 4,000 meters.
Salyan Oil said that over the week the company intends to set up drilling for the second well. In 2008, the company intends to drill six exploitation wells. The depth of wells totals 3,500 m and 4,000 m. The company budget is $45.5mln.
The agreement term for development of Kursangi-Garabagli field is 25 years. The shareholders of the company are- SOCAR (50%), China National Oil & Gas Exploration and Development Corp. (CNODC) and CNPC ( Hong Kong) Ltd. (CNPCHK) - each holding 25%.