Azerbaijan’s Salyan Oil to cut investments
Baku, Azerbaijan, March 30
By Maksim Tsurkov - Trend:
Azerbaijani operating company Salyan Oil, which is developing the Kursengi and Garabagli onshore oil fields in the country, plans to slightly cut investments in 2016, Trend has learned from a source in the oil and gas market.
The investment cut is due to Salyan Oil's policy of reducing operational and capital costs on the backdrop of the situation around the global oil prices, said the source March 30.
"Salyan Oil plans to invest 22 million Azerbaijani manats for development of Kursengi and Garabagli fields in 2016 according to an approved budget, as compared to 25 million manats [invested] in 2015," said the source.
"The main part of the investments will be directed at repairs on the existing wells," added the source. "The company will focus on maintenance and growth of oil output at the fields this year."
Salyan Oil produced about 180,000 tons of oil from Kursengi and Garabagli fields in 2015.
The founders of Salyan Oil are Azerbaijan's state oil company SOCAR and China National Oil & Gas Exploration and Development Corporation.
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