“In accordance with preliminary estimation, the State Oil Company of Azerbijan (SOCAR) needs around $100m to implement the 5-year program on increase of oil and gas production from the developed fields,” Natig Aliyev, the President of the SOCAR, told Trend on Thursday.
According to Aliyev, the program is implemented at expense of the own fund of the Company. “We act within at our own expense. Earlier we did not set to similar work due to fund deficit. I think that the implementation of the program will require more fund,” he noted.
Aliyev reported that the program envisages drilling of 23 wells. Besides, the Company will construct gas lines to collect low-pressure gas.
Aliyev stressed that implementation of the project will allow them to increase oil production by 2m tons per year, gas production - by 2.5bn cu m.