Large Operating Company Producing Oil in Onshore Field of Azerbaijan Completes Well Boring
Azerbaijan, Baku, 23 May / corr. Trend S. Aliyev/ Salyan Oil, a large operation company with foreign shares, that produces oil in onshore Kursangi-Garabahgli field of Azerbaijan, has completed the drilling of the well- third in 2008," a source in the State Oil Company of Azerbaijan (SOCAR) said. The well was drilled in Kursangi field. The depth of the well makes up 3,500 meters.
The operating company plans to begin drilling of one well more in the Garabaghli field.
The operating company plans to drill 6 development wells in 2008. The depth of the wells will make up about 3,500- 4000 meters. The budget of the company is determined at $45.5mln. In 2007, the company drilled six wells (one was left from 2006) one of them being exploration drill. The budget of Salyan Oil totaled to $43mln in 2007.
The period of validity of the contract on the development of Kursangi-Garabaghli is 25 years. The shareholders of the project are as follows: SOCAR - 50%, two Chinese companies, China National Oil & Gas Exploration and Development Corp. (CNODC) and CNPC ( Hong Kong) Ltd. (CNPCHK) holding 25% each.
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