Baku, Azerbaijan, Jan.8
By Leman Zeynalova – Trend:
Azerbaijan’s Salyan Oil operating company, which is developing the Kursangi and Garabagli onshore oil fields in the country, has invested $41 million in the project as of 2018, a source in the country’s oil and gas market told Trend.
“Salyan Oil invested around $41 million in the development of Kursangi and Garabagli fields in 2018. The major part of investments was spent on overhaul of the existing fields, perforation work and use of costly new technology,” said the source.
The source pointed out that the volume of investments in the project will stand at around $42 million in 2019.
“The budget for 2019 hasn’t been approved yet. The volume of investments is planned in the amount of $42 million,” said the source.
Kursangi and Garabagli fields are located in Azerbaijan’s Salyan district, around 150 kilometers from Baku. Some experts believe that the remaining reserves on the contract area exceed 150 million tons.
The contract for development of Kursangi and Garabagli fields was signed in 1998 for a period of 25 years. The shareholders of Salyan Oil are Azerbaijan’s state oil company SOCAR and China National Oil & Gas Exploration and Development.
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