SOCAR SIGNED MEMORANDUM WITH CHINESE COMPANY
State Oil Company of Azerbaijan (SOCAR) have signed a memorandum on the principles of a future agreement with the Azerbaijan-Chinese company Noble Sky for the rehabilitation and development of the Garachukhur field.
Noble Sky was set up by the China's Shengli Oilfield, which is part of the Chinese petrochemical company Sinopec. The Garachukhur field is located 15 km from Baku and has been developed since 1928. To date the field has produced 36 million tonnes of oil and has residual reserves of about 10 million tonnes. According to SOCAR, the daily yield from the field amounts to 46 tonnes. There are over 40 wells operating at the field.
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