The Centre for Field Modelling of Azneft Production Association, which is a division of the State Oil Company of Azerbaijan (SOCAR), is involved in digitizing the data from the wells, earlier drilled on Shimal Binagadi field. The work is carried out at the order of Binagadi Oil operating company, Trend reports.
The Center is establishing an electron database on the cartage of wells. The field has shallow layers ranging to 1,000 meters. Following the establishment of the data base, there will be petro-physical work carried out and electron geo-physic models of fields will be created, SOCAR informed.
An agreement on the exploration, rehabilitation, development and product-sharing on the bloc of the onshore fields Binagadi was signed between SOCAR and AZEN (a joint company established by Turkey's AZEN) and Azerbaijan's AzPetrol equal product sharing in Baku on June 18, 2006. SOCAR's share in this agreement is 25% and AZEN receives 75%. At the same time, the financing of SOCAR`s share will be carried out by AZEN.
In accordance with this agreement, AZEN is obliged to increase the daily oil production on the contract bloc by one and a half times within the next three years, as well as repay a bonus at a rate of $1 mln. The bloc with the total area of 4.3 thousand hectares has been developed since 1896. Its total geological reserves make up 132 mln. tons of oil, its recoverable resources is 12.8 mln. tons. At present, the oil production reaches 286 tons of oil a day. (106,000 tons were produced in 2003).