Azerbaijan, Baku, June 1 / Trend E.Ismayilov /
Preparation of a three-dimensional (3D) model of onshore field "Garabagly" for the operating company Salyan oil in by the State Oil Company of Azerbaijan Republic (SOCAR) will not be realized, a source in SOCAR reported. Earlier it was planned that the project will be completed in the second half of 2010.
The source said that work on the 3D model will not be carried out because of insufficient funds in the client company.
"The company does not have sufficient funds for the project and the work on the project will not be conducted," the source said.
Previously, SOCAR has prepared and submitted a model of the northern part of onshore field Kursengi to the customer. Customer was also Salyan oil. Recommendations for drilling of 30 new wells were given.
SOCAR also conducted modeling work on the southern part of the deposit Kursengi. Projections were made for the laying of new wells. Over 80 wells have been drilled. Revaluation of reserves showed little difference from the originally projected data, which were equal to 18 million tons.
"Kursengi-Garabagly" field is located in Salyan Region of Azerbaijan (150 km from Baku). SOCAR's experts said that the residual oil on the contract area is 152 million tons.
The agreement to develop onshore fields "Kyursangi-Garabagly" is 25 years. The shareholders of the project are: SOCAR - 50 percent, two Chinese companies - China National Oil & Gas Exploration and Development Corp. (CNODC) and Fal Chin, owning 25 percent.
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