Azerbaijan, Baku, 6 August / Trend corr. E.Ismayilov/ The field modelling centre of the State Oil Company of Azerbaijan (SOCAR) commenced studying of the remaining oil reserves in the northern part of the Kursangi field operated by Salyan Oil, centre reported on 4 August.
"The contract has been already signed. The field research commenced today. A great work must be carried out in the field. Geological research will take over a year," said centre.
Modelling of the southern part of Kursangi completed earlier. The modelling centre presented its forecast on location of new wells.
A total of 80 wells were drilled in the contracted area. Reappraisal of the field's reserves differed from the initial forecast (18mln tons).
In 2008, the company plans to drill six operation wells with the depth of some 3,500-4,000 metres. Company's budget for this year totals $45.5mln. In 2007, Salyan Oil drilled six wells (drilling of one commenced in 2006), with one of them exploration. Salyan Oil's budget for 2007 was $43mln.
The validity period of the production-sharing agreement on the development of Kursangi-Garabagli oil fields is 25 years. Shareholders of the project are State Oil Company of Azerbaijan (SOCAR), with 50% interest, as well as two Chinese companies, China National Oil (CNODC) and CNPC (Hong Kong) Ltd. (CNPCHK), each holding a 25% stake.
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