Azerbaijan, Baku, June 30 / Trend , E.Ismayilov/
The State Oil Company of Azerbaijan Republic (SOCAR) has begun to build a model of development of the northern part of the Kursangi oil field. Operator is Salyan oil operation company with foreign share, a source close to operations said on June 30.
"Works to build a geological model has finished and now work is being conducted to create a model of development," the source said.
The source said work under this contract is conducted in line with the plan and, under contract with the Salyan oil, all work will finish by late September. As part of the operations, data on the wells and mining will be specified and as a result, the plan of prospective drilling and development of field will be submitted.
Earlier, the center completed operation on modeling south part of Kursangi field. The modeling center submitted its forecasts on new wells drilling in the field. Over 80 wells will be drilled in the contract area. Re-estimation of reserves of the field demonstrated slight difference between initial forecasted data equaling 18 million tons.
Salyan oil company developing contract area Kursangi-Garabagli in 2009 plans to drill 4 exploitation wells in the fields.
Fields are situated in Salyan region of Azerbaijan (150 kilometers from Baku). According to the specialists of the State Oil Company of Azerbaijan, permanent oil reserves on the contract area hit 152 million tons.
Term of the agreement on Kursangi-Garabagli onshore field development is 25 years. Shareholders of the project: SOCAR- 50 percent, two Chinese companies - China National Oil & Gas Exploration and Development Corp. (CNODC) and CNPC (Hong Kong) Ltd. (CNPCHK), owning 25 percent.
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