New oil operating company may be established in 2006

Oil&Gas Materials 25 November 2005 14:48 (UTC +04:00)

SOCAR takes appropriate measures to establish the Surakhanioil Operating Company on base of the Surakhanineft OGPU, included in Azneft State Enterprise, the Company told Trend.

In August 2005 SOCAR and the Dubai Rafi Oil signed PSA contract on development and rehabilitation of Surakhani field. The Rafi Oil got 75 %, SOCAR вЂ" 25%.

After completion of inventory the property will be hand to balance of the futire operating company.

“The operating company is supposed to be established in 2006. The exact date depends on fulfillment of liabilities by partners,” SOCAR said.

The Surakhani field was opened in 1904. 114.5m tons oil and over 1m cu m gas was have been produced from the field so far. There are 492 wells in the contract area. The amount of investments is estimated at $400m.

The contracts Garachukhur and Kurovdag also came in force.