Shirvanoil Operating Company will be set up till the year-end

The balance accounting is currently carried out by Joint Venture (JV) Shirvanoil, on the basis of which the Operating Compny is set up. SOCAR representatives in Ali-Bayrabli are also involved in it.

According to SOCAR, for January-July, Shirvan Oil extracted 137 184 tons of oil, 7 446 cubic meters of gas. The fund of wells of JV on 1 August 2005 is 333 wells against 332 on 1 January 2005. For the period specified, 14 wells were added to the fund, ??????, while 13 were retired. Due to establishing of the new unit drilling of new wells is not carried out. However, rehabilitation of idle wells is underway.

The contract for rehabilitation, prospecting and development of “Kyurovdag” was signed on 5 November 2004. The field’s operator is JV Shirvan Oil, where SOCAR and Caspian Energy Group own per 49% and 51% respectively.