SOCAR establishes first JV on onshore drilling with foreign capital

Oil&Gas Materials 28 June 2006 13:50 (UTC +04:00)

World of the newly established Azeri Drilling Company joint venture between the British Firstdrill Ltd and Target Petroleum will carry out drilling in stationary jackets through use of advanced rigs up to international standards, the State Oil Company of Azerbaijan (SOCAR) told Trend. Further it is possible to construct drilling rig.

The company will be founded on the base of Bulla Exploratron roiling unit, the SOCAR said.

In January to May the SOCAR drilled over 54,000 meters. In May 2006 the drilling activities in the fields made up 15,068 meters.

Over the first 5 months of 2006 the exploration well drilling made up 250m against the target of 600 meters. It is 110m less than the last year figure.