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Azerbaijan Industry and Energy Ministry Proposes Carrying Out an Adjusted Policy with Exploratory Drilling

Oil&Gas Materials 29 March 2007 18:14
Azerbaijan Industry and Energy Ministry Proposes Carrying Out an Adjusted Policy with Exploratory Drilling

Azerbaijan, Baku / Trend , corr. I. Khalilova / Natig Aliyev, Azerbaijan's Industry and Energy Minister, has said that SOCAR (State Oil Company of Azerbaijan) has plans on the exploration and production on some perspective offshore oil fields.

According to him, SOCAR presently has all capabilities for carrying out these exploratory works to expand the volume of prospect activities. "The perspectives of any industry are based upon its resources," said the Minister.

The Azerbaijani Minister considers that different exploratory works have significantly reduced for the recent years.

"As far back as in 1990s, the exploratory drilling reduced in 17 times, therefore, I am confident that we sure to develop this kind of drilling, and we should involve more structures into this process. However, it requires great funds. The perspective structures, where the exploratory drilling is necessary to be carried out, are difficult to get due to the depth of the Sea," considers the Minister.

According to him, today, one exploratory well cost much more expensive than 10-15 years ago. For example, a well was drilled on the Deposit - "Zafar-Mashal", which cost exceeded $100 mln., well on "Nakhchivan", for example, cost $70 mln.

Taking into account ten of millions expenditures, the exploratory drilling need carrying out a particular adjusted, careful, and grounded policy, which would envisage the full complex of information. These data are needed to detect necessary and non-dry wells.

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