Azerbaijan, Baku, Nov. 10 / Trend /
The operating company Salyan Oil, dealing with production of oil at two onshore fields of Azerbaijan, completed drilling of the first exploitation well Garabagli, a source on the oil and gas market said. The company also develops the Kursengi field.
The field's depth hit 3,500 meters. The field's current production rate is about 10-15 tons of oil per day. In the near future it is expected to increase oil production up to 20 tons per day.
The source said Salyan Oil should start the drilling of another development well on the Garabagli field at similar depth in the near future.
Currently, the company's oil production from oil fields is about 585 tons per, the source said.
The deposits are located in Salyan Region of Azerbaijan (150 km from Baku). According to some experts, the residual oil in the contract area exceeds 150 million tons.
The agreement to develop onshore deposits "Kursengi-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.