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Two oil contracts signed in Azerbaijan

Oil&Gas Materials 9 February 2009 12:16 (UTC +04:00)

Azerbaijan, Baku, Feb. 9 / Trend , V.Sharifov/ State Oil Company of Azerbaijan Republic  (Socar) signed production sharing agreements (PSA) with Shirvan Oil and Anshad Petrol joint ventures engaged in producing oil on Azerbaijani onshore fields, Socar reported Feb. 9.

Shirvan Oil and Anshad Petrol applied to Socar in 2008 to change joint ventures to PSA.

Shirvan Oil launched activities on Sep. 1, 1997. Joint venture developing Kurovdag field includes Socar (49 percent) and Caspian Energy Group (51 percent).

Kurovdag field was discovered in the Kura Cavity in 1955. Development of the field including 13 productive horizons at depths ranging from 600 to 3,500 meters began in 1956. All other promising horizons of the productive layer (of which some inflows of oil and gas were received) are located at depths from 3,200 meters to 5,100 meters. The total area of Kurovdag, located 106 kilometers south of Baku, is 115 square kilometers. Conventionally the deposit is divided into 3 areas - northern, central and southern. Kurovdag resources are estimated at 5.5 million tons.

Anshad Petrol produces oil from contract areas Neftchala, Hila and Babazanan.

Socar and Turkey's Atilla Dogan Petrol founded Anshad Petrol joint venture in 1993 on the basis of former Neftchalaneft oil and gas producing unit. In 1995, Malaysia's Land and General Berhad purchased a 17.15-percent share from Atilla Dogan Petrol.

Anshad Petrol participating interests are Socar (51 percent), Rusneft Neftchala Investment Limited (31.85 percent) and Land and General Berhad (17.15 percent).

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