The HongKong Oil & Gas LTD company submitted the project on rehabilitation and development of the Bibi-Eybat oldest on-shore field to the State Oil Company of Azerbaijan (SOCAR), SOCAR told Trend.
According to the SOCAR spokesman, memorandum on negotiations on this field was signed with HongKong Oil & Gas. В"The memorandum is limited by terms, during which the company is to put forward its commercial and other conditions over the future project, SOCAR said.
According to some data, Oil & Gas plans to equip considerably the Bibi-Eybat area with modern amenities and establish a modern park. Oil production will be performed in parallel without damaging the environment.
The active well stock of the Bibi-Eybat Oil and Gas Producing Unit by 1 February is 600 units.