Drilling of first well on Absheron to complete mid-July

Drilling of the first exploratory well on “Absheron” prospect will complete in mid-July, according to a source from “Chevron”, contract operator. Earlier, the completion of the drilling for scheduled for late June. The drilling has been underway for more than 6 months.

The reason for the delay is that the well has a complex geological structure and its designed depth is 6,700 meters. At present, the well has reached the mark of 6,500 meters. Drilling is being carried out off “Istiglal”, the biggest rig in the Caspian.

SOCAR holds a 50% stake in the contract, Chwevron 30% and TotalFinaElf 20%.*