SETTING UP OF SHIRVANOIL OPERATING COMPANY WAS DISCUSSED ON 14 SEPTEMBER WITH SOCAR MANAGEMENT
Setting up of Shirvanoil Operating Company was discussed on 14 September at the meeting with participation of the SOCAR (State Oil Company of Azerbaijan) vice-president on financial issues Shahin Mustafayev, the well-informed sources told Trend.
The Shirvanoil Operating Company will be established based on the Shirvanoil Joint Venture (JV), engaged in rehabilitation, exploration and development of the on-shore field вЂњKyurovdagвЂќ.
The commission on liquidation of JV Shirvanoil informed the participants of the meeting on the works performed on stocktaking of JV and its transfer to the balance of the companies. It was noted, for setting up the Shirvanoil Operating Company some documents are needed to produce for the short period of time and a number of problems are to be solved in this respect. In general, the Shirvanoil Operating Company is scheduled to establish till the end of 2005.
The JVвЂ™s wells stock on 1 August 2005 was 333 units against 332 on 1 January 2005. In connection with the establishing of the new structure drilling of new wells is not carried out. However, rehabilitation of the non-operating wells stock is underway.
The contract on rehabilitation, exploration and development of вЂњKyurovdagвЂќ was signed on 5 November 2004 in Baku. The fieldвЂ™s operator is now Shirvan Oil JV, in which SOCAR and British Caspian Energy Group own per 49% and 51% respectively.