Gobustan Operating Company, developing contract area Southwest Gobustan finished drilling the years first well. At the moment it is being grouted. The well is some 4,100 meters deep, SOCAR officials told Trend.
Upon the completion of the well, experts will identify the type of production, either oil or gas, OCAR officials said.
In summer 2006, GOC is planning to perform a 2D and 3D-seismic exploration over the whole contract area of Southwest Gobustan. A 3D-exploration will be performed at oilfields Dashgil, Duvanny and Kanizadag (within Southwest Gobustan) over the 200 sq. km area and a 2D-exploration on central and Northern blocks over the 480 sq km area.
The data obtained will be interpreted till the end of the year.
GOC is developing Southwest Gobustan under the PSA signed with SOCAR. In Gobustan Operating Company 80% stocks is holding Commonwealth Gobustan Limited, 20% belong to SOCAR. In Commonwealth Gobustan Limited 37.17% stock belongs to Arawak Energy and 62.83% to China National Petroleum Company.
Independent oil&gas consultant Ryder Scott states proved oilfield reserves to be 51.6mln bbl of oil equivalent and total (proved plus possible) 135.4mln bbl of oil equivalent. Proved reserves total 15.8mln bbl of oil and 214.65mln cubic feet of gas. Total (proved plus possible) reserves total 66.6mln bbl of oil and 412,933mln cubic feet of gas.