Baku, Azerbaijan, Feb.20
By Leman Zeynalova – Trend:
Azerbaijan’s Salyan Oil operating company, which is developing the Kursangi and Garabagli onshore oil fields in the country, plans to invest $40 million in the project in 2019, a source in the country’s oil and gas market told Trend.
“We have already approved the investment plan for 2019. Salyan Oil will invest around $40 million in the development of Kursangi and Garabagli fields this year. The major part of investments will be spent on overhaul of the existing wells, perforation work, as well as geological exploration work to increase production” said the source.
Moreover, the source noted that starting from May, the use of new technology by injecting high-pressure air in three wells will start a as pilot project, which will affect production.
Part of investments will go to this work, added 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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