Azerbaijan, Baku / corr. Trend S.Aliyev / State Oil Company of Azerbaijan (SOCAR) reports that Indian ONGC Videsh Ltd intends to acquire a pack of geological and exploration data on the development project of the Azerbaijani offshore field of Nakchivan .
"After getting familiarized with the documents, the Company will consider the issue of concluding a contract," the same source stated.
In addition, the Company intends to join the development project of the Azerbaijani onshore field of Kurovdag .
The contract to develop the onshore field of Kurovdag was signed on the 5th of November 2005. The validity of the contract is twenty-five years. Over three years, the operating company will have to increase the oil production by 1.5 times as compared to production in 2003. Participants in the project are Caspian Energy Group with 51% and State Oil Company of Azerbaijan (SOCAR) with 49%.
ONGC Videsh wishes to purchase a share of the Caspian Energy Group for $300 mln. Kurovdagh field was discovered in 1929 and has been developed since 1956. The maximum production on the field was noticed in 1966 at a level of 40,000 barrels per day. In January-April 72,750 tons of oil was produced in the field. In April alone, production totaled 18,120 tons. Currently the oil on the field is produced by joint venture Shirvan Oil, but at present, the JV is transferred to PSA.
The General Manager and Executive Director of ONGC, Ranbir Singh Butola , said at the meeting with the SOCAR President, Rovnak Abdullayev, that in addition, his Company intends to co-operate with the oil men of Azerbaijan in the third world countries.