In the third quarter of 2006 Arawak Energy, an oil company, produced 1,877 barrels of oil and 37 million cu m of gas from the Southwest Gobustan contract area, Trendreports.
Gobustan Operating Company (GOC) has developed Southwest Gobustan under the PSA concluded with SOCAR. The company started selling free gas in February 2006. In GOC 80% stock belongs to Commonwealth Gobustan Limited and 20% to SOCAR. In Commonwealth Gobustan Limited 37.17% belongs to Arawak Energy and 62.83% to China National Petroleum Company.
Arawak Energy announced that the company produced 2,943 barrels of oil, but no gas production was reported in the 3rd quarter of 2006.
The company is carrying out 2D and 3D seismic survey through its contractor of GOC company of the State oil company of Azerbaijan.