Azerbaijan, Baku, 21 July / Trend corr. S.Aliyev/ A largest operating company with foreign stocks Salyan Oil, which produces oil in Azerbaijan's onshore fields Kursangi-Garabagli, is interpreting the information which was obtained during drilling of its fourth well for this year. After completion of the work it will be decided whether to continue drilling, State Oil Company of Azerbaijan said on 21 July.
Previously, company completed drilling of its fourth well for this year, with the depth of some 3,500 metres.
In 2008, the company plans to drill six operation wells with the depth of some 3,500-4,000 metres. Company's budget for this year totals $45.5mln. In 2007, Salyan Oil drilled six wells (drilling of one commenced in 2006), with one of them exploration. Salyan Oil's budget for 2007 was $43mln.
A twenty-five year production-sharing agreement on the development of Kursangi and Garabagli oil fields was signed in December 1998. Shareholders of the project are State Oil Company of Azerbaijan (SOCAR), with 50% interest, as well as Chinese companies - China National Oil & Gas Exploration and Development Corp. (CNODC) and CNPC (Hong Kong) Ltd. (CNPCHK), each holding a 25% stake.
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