Shirvanoil preparing for drilling first well in 2006
Shirvanoil joint venture (JV), which is involved in the rehabilitation, exploration and exploration of the Azerbaijani onshore field Kurovdagh, will soon set up well drilling in the southern part of the field, the State Oil Company of Azerbaijan (SOCAR) told Trend.
The SOCAR said that the project depth of the well is 3,500m. it will be an oil exploitation well. The drilling work was implemented by the British service company Monument Oil at the order of Shirvanoil in the southern part of Kurovdagh.
By end 2005 Shirvanoil invested over $40m in the rehabilitation of Kurovdagh. The expenses in the half year amounted to $12.4m, of which $2.7m was capital expenses and $9.7m operation expenses. The amount of investing in the second half of the year was $28.4m, in particular, $16.4m capital expenses and $12m operation expenses.
In November 2004 the SOCAR signed a PSA with Caspian Energy Group (former Whitehall) on Kurovdagh. Every of the sides hold 50%-stake in the contract. Since 1997 Shirvan Oil JV, co-owned by Caspian Energy Group with 51% participation share, has been involved in the rehabilitation of Kurovdagh field.