The State Oil Company of Azerbaijan has established a workgroup to handle handover of entitlement for basic funds of Shirvan Oil JV to Shirvanoil operating company, Trend reports with reference to SOCAR.
This workgroup will perform all necessary work under the contract regarding restoration, development and production sharing at block within onshore Kurovdag field. The contract was signed among SOCAR, Caspian Energy Group and SOCARs affiliate.
According to the contract, SOCAR and Caspian Energy possess equal tocks in the enterprise. Planned investments amount $200 to $300mln.
Shirvanoil invested over $40mln in Kurovdag as of January 1, 2006.
Kurovdag field was discovered in 1929, development started in 1955. Over 36mln ton of oil were produced here to date, Shirvan Oil JV alone (from 1997) produced over 1.6mln ton.