GOBUSTAN OPERATING COMPANY PREPARING FOR GAS SALE TO SOCAR
Gobustan Operating Company Ltd continues drilling a gas production well from Duvanniy field, located in the Coastal Bloc entering the Southwest Gobustan contract area, as part of preparations for the commencement of gas operations with the State Oil company of Azerbaijan (SOCAR) in the fourth quarter of 2005, Arawak Energy announced.
GOC was established for the development of the Southwest Gobustan area under the PSA concluded with the SOCAR. Share of CGL in GOC is 80%, while the rest is retained by the SOCAR. Arawak holds 37.17% stake in CGL and the rest is retained by the China
National Petroleum Company. Major shareholder of Arawak Energy is Rosco S.A. with the stake of 41.15%.
Upon completion of drilling of the well, the drilling rig will be replaced to Kanizadagh to continue the drilling of exploitation well here. The project depth of the well is 3800 meters. The work here will be complete by the fourth quarter of 2005.
In the second quarter oil export from the Southwest Gobustan made up 7,400 barrels, which were pumped via the Baku-Novorossiysk pipeline.