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Monday, May 01, 2006

SOCAR to invest $300 mln in 2006

SOCARBAKU. April 28 (Interfax-Azerbaijan) - The State Oil Company of Azerbaijan (SOCAR) plans capital investment of $300 million in 2006, SOCAR Vice President Shakhin Mustafaev said at a press conference Friday. "SOCAR plans to launch new production platforms at the Neftianye Kamni (Oil Stones) and Gunashli fields. The launch of platforms No. 2387 and No. 1887 for Neftianye Kamni is planned for October and November 2006, respectively. Oil production at these platforms alone will increase by 1 million tonnes," SOCAR First Vice President Khoshbakht Yusifzade said. The company also plans to expand platform No. 11 at the shallow section of the Gunashli field in 2006. "As a result, production at the field will increase 50% from the current 2.4 billion cubic meters of gas per year," Yusifzade said. SOCAR is drilling new wells at the Gunashli, Neftianye Kamni, Govsany, Pirallakhy, Gum Adasy, Balakhany, Bibi-Eybat and Buzovny fields. "From the beginning of the year, 38,939 meters have been drilled, with 12,264 meters drilled in April alone, instead of the planned 9,369 meters," Yusifzade said.

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