TRAO can receive a share in onshore project
Turkish TRAO holds negotiations with the State Oil Company of Azerbaijan (SOCAR) on possible reception of a part of the Companys share in the project on development of the onshore field Kurovdag, SOCAR told Trend.
According to SOCAR, the sides have not achieved definite results yet. It is not excluded that if TRAO does not achieve any progress in the negotiations with SOCAR, it will show interest in share of foreign participant of the project.
The field is developed by the Shirvan Oil JV, where SOCAR holds 49%, Caspian Energy Group - 51%. In 2008 the oil production from the Kurovdag field is supposed to be increased by 50%. The residual reserves of the Kurovdag field comprise 5,672m tons oil.
The Kurovdag field was opened in 1950. 36.7m tons oil has been produced from the field so far. The highest production was observed in 1966 (40.000 barrel per day), but it dropped by 10 times in 1997 and its restoration required additional investment. There are 14 producing horizons on the Kurovdag field.