The Azerbaijan State News Agency

ECONOMY

SOCAR APPROVES PROGRAM OF “SOUTH-WEST GOBUSTAN” FIELD DEVELOPMENT

The State Oil Company of Azerbaijan /SOCAR/ has approved the program of works for 2004 for the company Gobustan Operating Company /GOS/ which develops the “South-West Gobustan” field.

It is scheduled to drill four exploratory and eight production wells on the contract area, GOS said. The seismic monitoring in the littoral zone of the block is currently going on to be completed in late March. According to the monitoring results, the experts will define locations of new wells and ascertain the possibility to drill the fifth exploratory well. Besides, the company’s budget for 2004 will be fixed upon completion of the seismic monitoring. It was $15 million last year.

The SOCAR approved the GOS’s report on last year’s activity within the frames of the contract. The GOS drilled six production and one exploratory wells in 2003.

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