SOCAR to eliminate 900 wells: source

Oil&Gas Materials 16 August 2017 18:32 (UTC +04:00)

Baku, Azerbaijan, Aug. 16

By Maksim Tsurkov – Trend:

Azneft Production Union of Azerbaijan’s state oil company SOCAR plans to abandon nearly 900 oil and gas production wells in the near future, a source in SOCAR told Trend.

The abandoned well stock is constantly expanding due to run-out of the wells, according to the source.

“There are too many old fields in Azerbaijan. To date, SOCAR has already abandoned 13,564 wells and additional wells, totaling at 889, are expected to be abandoned in the near future.”

The source noted that the degree of run-out of wells varies from field to field.

“At times, wells cease to be profitable and they have to be shut down. However, SOCAR is implementing a program that will allow stabilizing production of oil and gas even at old fields,” the source added.

SOCAR includes such production unions as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.