SOCAR announces drilling rig investment

Oil&Gas Materials 20 September 2012 18:34

Azerbaijan, Baku, Sept. 20 / Trend E. Ismayilov /

SOCAR intends to invest $4 billion in the construction of four drilling rigs within five years, SOCAR head Rovnag Abdullayev told media on Thursday.

The construction of the first rig will be started in late 2012 - early 2013. However, work under way to expedite the schedule.

Caspian Shipyard Company under Keppel will oversee construction of the second rig, Bos Shelf. The new drilling rigs are needed for proposed sites at "Babak" and additional operations at "Absheron" and the "Shah Deniz" fields.

According to SOCAR geologists, gas reserves may reach 400 billion cubic meters.