Shirvanoil Company, rehabilitating and exploring onshore field Kurovdag, will start drilling of the new exploitation well in the first quarter of April, SOCAR told Trend . British Service Company, Monument oil will start drilling in the Southern part of Kurovdag. A revenue sharing agreement is now at its final stage.
Shirvanoil has invested more than $40m in Kurovdag by the end of 2005. SOCAR and the British Company, Caspian Energy Group has reached agreement to create Shirvanoil Operating Company on the base of Shirvanoil on January 1, 2006.
SOCAR has also signed a contract with PSA and Caspian Energy Group (ex Whitehall) on Kurovdag in November 2004. PSA has received 50% of participation. Shirvanoil started Kurovdag rehabilitation since 1997 with Caspian Energy Group having 51 % of participation.
Kurovdag field was first discovered in 1929 and its exploration started in 1966. more than 36 million tons of oil were extracted in the field up to our times, including 1.6 million of tons extracted by Shirvanoil (from 1997)