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SOCAR to spend own finances to increase efficiency of oil extraction at Bibi-Heybat field

Oil&Gas Materials 15 March 2006 18:21 (UTC +04:00)

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.

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