Shirvanoil JV to resume drilling operations upon transit to PSA
Shirvanoil JV, exploring and developing onshore field Kurovdag, is resuming drilling operations upon completion of passing to PSA-type contract, Trend reports with reference to the State Oil Company of Azerbaijan.
At the moment special commission is handling main assets transfer.
The drilling operations will be performed by Monument Oil in southern part of Kurovdag.
By the end of 2005 Shirvanoil invested over $40mln in Kurovdag development. SOCAR and Caspian Energy Group agreed that starting January 1, 2006 Shirvanoil Operating Company is setup on the basis of Shirvanoil JV.
In November 2004 SOCAR signed a PSA with 50% participation with Caspian Energy Group (former Whitehall) on Kurovdag.