TODAY.AZ / Business

Shirvan Oil increased gas production by 34% in January-May

13 June 2006 [09:36] - TODAY.AZ
Shirvan Oil Operation Company produced 7,314 million cubic meters natural gas, 34,2% more than the figure for the same period of a previous year, in Kurovdag during January-May this year.

Gas output in May this year was 1,277 million cubic meters or 32,3% more than May, 2005.

Shirvan Oil Operation Company has told APA that the agreement on operation in Kurovdag was signed between State Oil Company of the Azerbaijan Republic (SOCAR) and Caspian Energy Group, Great Britain, on November 5, 2004. Each company shares 50% in the project. The area of the reservoir is 115 square kilometers in the basin of River Kur, Southern-Western from Baku. The reservoir has three parts (Northern, Central and Southern). Oil stock is evaluated 5,5 million tons.

Well stock of the company consists of 350 wells and the daily output is 677 tons on average. The output must be increased by at least 50% in comparison to production in 2003. The Contract terms 25 years, which may be prolonged for 5 years on the agreement of parties.

URL: http://www.today.az/news/business/27210.html

Print version

Views: 2445

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: