Salyan Oil 2007 Budget Confirmed

Oil&Gas Materials 13 December 2006 17:58 (UTC +04:00)

The Operation Committee of the Salyan Oil Company, which is involved in the development of Kursangi-Garabaghly onshore fields, has adopted the 2007 budget of the company in the amount of $43mln, Trend reports.

In general, it is panned to drill 6 production wells next year. A meeting of the Steering Committee is scheduled for next week. It is expected to confirm the proposal at the meeting.

Earlier the representatives of the State Oil Company of Azerbaijan (SOCAR) and the Salyan Oil Company held a meeting of the technical committee, which processed a business plan for the next year. In accordance with the initial resolution, the operating company will drill 6 wells for the next year. Presently they are designed as exploitation wells, but the company may make the decision on the drilling of water injection or exploration wells, the same source added.

In 2006, 8 wells will be drilled on the contracted area. Four wells are planned for production, 2 for water injection, 1 for exploration and 1 for estimation. Salyan Oil Budget 2006 amounts to $50 mln. The Great Wall of China Company is the general drilling contractor.