ECONOMY


GOC TO INVEST $10 MLN IN SOUTHWEST GOBUSTAN IN 2004

Gobustan Operating Company plans to invest about $10 million in the development of structures in Southwest Gobustan in 2004.

SOCAR ( State Oil Company) plans to confirm the GOC budget for 2004 in the near future, the source said. The drilling plan for next year depends on the results of seismic work, which should begin at the coastal block of the structure soon.

The operating company drilled seven wells at the field this year, thereby carrying out its drilling plan in full.

Proposed reserves at Southwest Gobustan structures amount to 25 million - 30 million tonnes of oil and 12 billion cubic meters of gas. Planned investment amounts to $700 million. The structure includes several fields, including Dashgil, Duvanny, Donguzdag, Gajiveli, Solakhi, Shykhzakirli, Nardaran and Ilkhychy.

Participation in the project is currently as follows - Commonwealth Oil and Gas, which is headed by China National Petroleum Corporation, -80%, SOCAR - 20%.

The Gobustan Operating Company budget for 2003 contains $15 million for seismic work, drilling and other work at this field. Under the production sharing agreement the exploration period was extended until the end of November this year.

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