Azerbaijan, Baku, Sept.30. / Trend E.Ismayilov /
The State Oil Company of the Azerbaijan Republic (SOCAR) will complete constructing models to develop the northern part of the Kursangi field, a source at SOCAR said.
Work under the project is under completion. The final stage of the project envisaging construction of model to develop the northern part of the Kursangi field will be completed in October, the source said.
At present, the company is developing a formal report on progress, which will be submitted to the customer. Customer is Salyan oil company. Salyan oil with the foreign participation is an operator of Kursangi.
Earlier, the center completed work on modeling the southern part of the Kursangi field. The Modeling Center presented its forecasts for the location of new wells. More than 80 wells were drilled on the contract area. Revaluation of the field reserves showed little difference with the primarily forecasted data, which were equal to 18 million tons.
The Salyan oil company developing the Kursangi-Garabag contract area plans to drill four exploitation wells on the fields in 2009. Fields are located in the Salyan region of Azerbaijan (150 km far from Baku). According to SOCAR experts, residual oil reserves are 152 million tons in the contract area.
Term of an agreement on development of Kursangi-Garabagli onshore fields is 25 years. SOCAR with 50 percent and two Chinese companies, including China National Oil & Gas Exploration and Development Corp (CNODC) and CNPC (Hong Kong) Ltd (CNPCHK) with the 25 percent of shares, are the project shareholders.
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