ECONOMY


CHINESE OIL COMPANIES GIVE UP ON THE IDEA OF DEVELOPING THE MURADKHANLY ONSHORE BLOCK OF DEPOSITS

Chinese oil companies have given up on the idea of developing the Muradkhanly block of onshore deposits. The Chinese ambassador to Azerbaijan Chan Siun, who disclosed this to journalists, said that negotiations on this issue had ended. The decline from the Chinese companies came after studying in detail of the data obtained from this field, which revealed a complex geological structure and relatively insignificant reserves of oil, a conclusion which the Azerbaijani side does not agree with.The history of the development of the Muradkhanly-Jafarly-Zardab block of deposits started from 21 July 1998 after the signing of a PSA with the British company Ramco that had a 50% share in the project in Britain. According to the agreement, the operator had to drill at least two exploration wells. However, due to the unsuccessful results obtained from the first well drilled to the depth of 4567 meters, they refused to drill the second considering it economically inexpedient. A 3-year period for the exploration work has expired on 20 November 2001, and was no longer extended. SOCAR geologists estimate that proved reserves of oil in this block amounted to about 14 million tons.

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