Large Onshore Company Concludes New Well Drilling in Azerbaijani Field

Oil&Gas Materials 18 April 2008 15:20 (UTC +04:00)

Azerbaijan, Baku, 17 April / corr Trend S.Aliyev / Salyan Oil, a biggest operating company with foreign participation involved in the oil production from Azerbaijani onshore fields Kursangi-Garabaghly, concluded the drilling of the second exploitaion well this year, the company said. The well which has a depth of approximately 3,500 m was carried out in Kursangi field.

In 2008, the company intends to drill six exploitation wells. The depth of the wells totals 3,500 m and 4,000 m. The company budget is $45.5mln.

In 2007 the company drilled 6 wells (including one drilled in 2006) and one exploration well. The budget of Salyan Oil totalled $43mln in 2007

The PSA on Kursangi-Garabagli field development was signed for a term of 25 years. The shareholders of the company are SOCAR (50%), China National Oil & Gas Exploration and Development Corporation (CNODC) and CNPC ( Hong Kong) Ltd. (CNPCHK), each holding 25% shares.

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