Huge Azerbaijan Operating Company on Onshore Oil Production Drills New Onshore Well
Azerbaijan, Baku, 2 October / Trend corr. S.Aliyev / Salyan Oil, one of the largest operating companies with foreign participation, which produces oil from onshore Kursangi-Garabagli field of Azerbaijan, begins to drill one more - the fifth well at the contract area, the company said. The well will be in depth of nearly 3,500m.
By all appearances, the sixth well will not be drilled, the company said.
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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