SOCAR intends to increase gas production at expense of new wells

Oil&Gas Materials 14 December 2005 19:01 (UTC +04:00)

From early 2005 the State Oil Company of Azerbaijan (SOCAR) commissioned 18 gas wells with 13 falling to oil and gas producing units of SOCAR Azneft and 5 - joint ventures and operating companies. 14 wells were put in exploitation after drilling, while 4 were commissioned as a result of repair work, SOCAR told Trend. The number of the current gas wells of SOCAR comprises 81.

The Company set to the active implementation of the gas program for 2005-2010. “Sharp gas production drop was natural and we did not manage to prevent it. Nevertheless, gas production will increase at expense of new wells,” SOCAR said.

The 5-year program will require approximately $100m. The implementation of the program will allow the oil production by 2m tons per year, gas production - 2.5bn cu m.