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Operating company to drill two wells at onshore field in Azerbaijan

Oil&Gas Materials 19 January 2010 12:12 (UTC +04:00)

Azerbaijan, Baku, Jan. 19 / Trend V.Sharifov /

Salyan Oil, which is engaged in oil production on the Azerbaijani Kursangi-Garabagly onshore fields, will drill two wells on its contract area in 2010, an informed source on the oil and gas market told Trend today.

The decision was made at a recent operating committee meeting in Baku. The planned depth of the wells will be about 3,500 meters. They will be laid at the Kursengi Field.

Salyan Oil will drill the production wells, as the company has already complied with the contractual obligations for drilling three exploratory wells.

According to the source, Salyan Oil's 2010 budget will be announced in late January because the parties were unable to identify the budget at the operating committee meeting.

In 2009, Salyan Oil drilled four production wells in the contract area. Currently, oil production from the Kursengi and Garabagli fields is roughly 640 tons per day compared to 1,050 tons per day several years earlier. The decline in oil production iss due to the fact that the fields were developed long ago and deep wells must be drilled.

Kursengi is situated in the Salyan region of Azerbaijan (150 kilometers outside Baku).

According to SOCAR specialists, its oil reserves are 152 million tons on the contractual area.

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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