The Shirvanoil Joint Venture, carrying out rehabilitation, development and exploring of the Azerbaijani Kurovdagh field, failed to set up drilling of a new operating well in 2005, Shirvanoil told Trend.
вЂњWe supposed to set up drilling work late December, while delays in mobilization and delivery of drilling equipment and technique the work here will be more probably launched early 2006,вЂќ a source at the JV told Trend.
The work will be done by the British Monument Oil Company in the south of Kurovdag.
Shirvanoil invested over $40m in development of the Kurovdagh field till late 2005. In the first half-year the company spent $12.4m, of which $2.7m were capital expenses, $9.7m вЂ" operation expenses. The amount of investing in the second half-year was defined as $28.4m, in particular, $16.4m вЂ" capital expenses, $12m вЂ" operation expenses.
The State Oil Company of Azerbaijan (SOCAR) and the British Caspian Energy Group agreed to establish Shirvanoil Operating Company on base of Shirvanoil JV on 1 January 2006. In autumn 2004 SOCAR signed a contract with the Caspian Energy Group, former Whitehall, on the Kurovdagh field. In PSA each side acquired 50% of share. From 1997 the Shirvanoil JV was involved in rehabilitation of the field, where the Caspian Energy Group held 51% of share.