The Salyan Oil Limited (SOL) company, engaged in the development of the on-shore oil fields “Kyursangi-Garabagli” plans to complete drilling of the exploration well on the "Garabagli” oil field till the year-end, the company told Trend.
"There are no problems by drilling at the moment”. Drilling works are performed at the depth of about 1,000 meters. The well’s design depth is 4400 meters.
Drilling works have commenced since the start of August. In the current year SOL handed over one exploration well on the “Babazanli” oil field.
Despite the problems while drilling the company managed to fulfill the contract obligations. The Salyan Oil’ contractor on well drilling is Chinese Great Wall Drilling.
Geological reserves of the “Kyursangi-Garbagli” oil field are 100 million tons of oil, and the oil extraction factor is 0,2-0,3. Potentially extracted reserves of the block are 25 million tons of crude.
The contract for the development of “Kyursangi” and “Garabagli” oil fields for the period of 25 years was signed in December of 1998. The Salyan Oil operating company was established in May 1999.
Its major shareholders are currently the State Oil Company of Azerbaijan (SOCAR), 50% of shares and the Chinese National Oil Corporation- China National Oil and Gas Exploration and Development Corp. - CNODC) and FAL вЂ" per 25%.