KAOC and KVOC invested $130mln in onshore fields

Oil&Gas Materials 10 June 2006 14:51 (UTC +04:00)

Investments in onshore Azeri field Mishovdag-Kalametdin amounted $100mln from the beginning of the development project, Trend reports quoting Michael Palmer, president of Karasu Operating Company (KAOC) (Mishovdag-Kalametdin field) and vice-president of Kura Valley Operating Company (KVOC) (Padar-Harrami).

Mr Palmer said $80mln is invested in Mishovdag-Kalametdin during 2006. В"In 2006, we plan drilling 28 production and 2 evaluation wells at the fieldВ", - he indicated.

According to the current estimations, extractable reserves of Mishovdag-Kalametdin total 28mln bbl.

Mr Palmer said also since January 2007 Karasu Operating Company will start repaying $40mln EBRDs credit borrowed several years ago for the project needs. Earlier, KAOC repaid interests under the credit and is going to pay $10mln a year since 2007.

Oil at Mishovdag-Kalametdin today is produced from 210 wells. Total daily rate is 6k bbl, from which 5.5k bbl are produced at Mishovdag and 0.5 bbl at Kalametdin. В"We plan achieving 7.5k bbl of daily rate by the end of 2006В", - he said.

В"At Padar-Harrami we made a new commercial discovery on the border of the companies contractual areasВ", - he pointed. It is planned to drill 8 evaluation wells and conduct a 2D seismics on the new place called Injabel.