Azerbaijan, Baku / Trend / Arawak Energy Corporation have announced that in the second quarter of 2007, it produced 9,404 barrels of oil per day, including 293 barrels in Azerbaijan.
Arawak Energy Corporation holds a stake in the development of the Azerbaijani offshore field Southwest Gobustan. Gobustan Operating Company (GOC) has developed Southwest Gobustan under the PSA agreed with SOCAR. The company began 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.
In the second quarter of 2007 operations in Azerbaijan made up $0.3mln to the consolidated balance of Arawak.