Azerbaijan plans to increase production at Kursengi-Karabagli field

Azerbaijan plans to increase production at Kursengi-Karabagli field
# 24 December 2008 10:21 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. The State Oil Company of Azeraijan (SOCAR) plans to increase output at Kursengi-Karabagli block onshore Azerbaijan, said Vagif Aliyev, SOCAR’s head of international investments.
“The contractors have already been familiar with the project and the 2009 budget. 3 wells are planned for drilling at the initial phase,” he added.
Kursangi-Karabaghli field has been developed under an agreement SOCAR and USA’s Frontera and Delta Hess concluded in 1998.But the US Company sold its stake to the EBRD.
In 2002 the EBRD sold its 30% interest to Chinese National Petroleum Company for $78mn.
And CNPC then bought Delta Hess’s share and acquired 50% interest.
The field holds 100-150mn tonnes in reserve.
SOCAR has produced 370 tonnes of oil a day since 1997.
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THE OPERATION IS BEING PERFORMED