SOCAR to spend own finances to increase efficiency of oil extraction at Bibi-Heybat field
SOCAR does not want to attract foreign companies to the project of rehabilitation and more effective usage of the oldest onshore deposit in Azerbaijan-Bibi-Heybat, the SOCAR told Trend.
According to SOCAR it will not attract HongKong Oil & Gas LTD, with which it had mutual understanding memorandum. Memorandum expired on January 2006.
SOCAR has made a decision to try to rehabilitate the areas and enhance effectiveness of Bibi-Heybat field independently, SOCAR said.
Active fund of the Bibi-Heybat oil field consists of 600 wells as of February 1 2006.