Azerbaijan, Baku, Jan. 6 / Trend V.Sharifov /
The operating company Salyan Oil, which is engaged in oil production in Azerbaijan's Kursengi-Garabagli onshore fields, will hold the operating committee's meeting to outline the budget, the company's operating and capital expenses for 2010 and number of new wells, a source in the oil and gas market said today.
Preliminary Work Program for 2010 stipulates drilling two wells in the field on the contract area.
Presently, oil production from these fields hit about 640 tons per day compared to 1,050 tons per day several years earlier. This decline was observed due to natural decline in oil production in these long-developed fields and the need to drill very deep wells.
The Kursengi field is situated in the Salyan region of Azerbaijan (150 kilometers outside Baku). According to specialists, its oil reserves are 150 million tons on the contractual area.
The validity term of the agreement on the development of the Kursengi-Garabagli onshore fields is 25 years.
The project's shareholders are: SOCAR - 50 percent, two Chinese companies - China National Oil and Gas Exploration and Development Corp. and Fal Chin - 25 percent.
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