Reserves of Onshore Oil and Gas Field in Azerbaijan Re-estimated
Azerbaijan, Baku, 18 April / corr Trend E.Ismayilov / The Information Technology and Communications Unit of the State Oil Company of Azerbaijan (SOCAR) has concluded the re-estimation of reserves in the Kursangi-Karabaghli contract area, operated by Salyan Oil operating company. The estimation did not change the volume of reserves in the field which totalled 18mln tons of oil, the company said.
At present SOCAR's Unit continues work on the establishment of the 3D model of the field. The first phase of the project is complete.
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 (with one passed from 2006), including one exploration well. The budget of Salyan Oil made up $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%.
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