Baku, Azerbaijan, Jan. 30
By Emil Ismayilov - Trend:
A maximum budget for the project on construction in Azerbaijan of a new generation floating drilling rig is $1,116.7 million, the State Oil Fund of Azerbaijan (SOFAZ), which is the main investor in the construction of a new rig, said on its website.
SOFAZ owns 90 percent share in Azerbaijan Rigs, a company established for the construction of a new platform. The remaining 10 percent share in the company is owned by SOCAR (the State Oil Company of Azerbaijan).
According to SOFAZ, in 2013 the fund allocated $169.14 million for the project against planned 380.57 million manat. In 2014 the State Oil Fund of Azerbaijan (SOFAZ) plans to allocate 285.2 million manat to the project.
The first drilling rig of the new generation will be built for SOCAR's needs.
The operator of the drilling rig will be the Caspian Drilling Company (CDC) where a 92.44 per cent share is owned by SOCAR. Singapore firm Keppel FELS Limited is chosen as the plant construction contractor. In June 2013, CDC signed an agreement with this company for the construction work.
The new rig will be designed for drilling wells at depths up to 8,000 metres and at a water depth of 1,000 metres. The rig is planned to be constructed in 2016.
In particular, the rig will be used for drilling on prospective structures and fields in Azerbaijan, such as the Umid field and the promising structures Babek, Karabakh, Ashrafi and others.
Azerbaijan must build four new floating drilling rigs taking into account the implementation of big projects in the Azerbaijani sector of the Caspian Sea, in particular drilling on the prospective Babek structure, the Absheron gas condensate field development, implementation of the second stage of developing Shah Deniz gas condensate field and other projects.
The official exchange rate for January 30 is 0.7842 AZN / USD.
Translated by M.L.
Edited by C.N.