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TOTALFINAELF, SOCAR NEGOTIATING COMPENSATION
TotalFinaElf has announced it rejects the drilling of the third exploratory well on the Lankaran Daniz/Talysh Daniz offshore field after two wells proved dry there. The drilling operations in the first well were suspended in the depth of 1000, while the second was abandoned due to its containing some gas reserves. Under the contract signed, the company is to pay SOCAR a compensation and its volume is being ascertained now.
TotalFinaElf possesses a 35% stake in the PSA of the field, Wintershell has 30%, SOCAR 25%, and OIEC 10%.
LUKOIL PROSPECTING TERM ON YALAMA BLOCK EXPIRING
Russian LUKoil has completed seismic operations on the Yalama block (D-222) in the north of the Azeri sector in the Caspian and determined the site for drilling, a SOCAR source said Monday.
The term of prospecting period for LUKoil is expiring this year and the company is negotiating with SOCAR to have the period prolonged.
SOCAR has a 40% share in the PSA of the Yalama block and LUKoil possesses 60% with the estimated reserves of the block being 50 million tons of oil.
GAS PROCESSING PLAN FULFILLED
In January-November 2001, the gas processing plant processed 2354 million cubic meters of gas, over-fulfilling the plan by 0.5%, a SOCAR source told AssA-Irada Saturday.
However, the plant failed to handle the plan for processing technical butane and gas gasoline, 13,107 tons (96.8% of the projection) and 15,660 tons (90.1%) respectively.
211,800,000 cubic meters of gas (100.7% of the plan), 1438 tons of technical butane (118.3%) and 1420 tons of gas gasoline (91.5%) were processed In November.
WELL CONSTRUCTION PLAN NOT FULFILLED
In January-November of 2001, SOCAR completed the construction of 60 wells, including 2 exploratory and 58 operational. 28 of the wells are onshore and 32 offshore.
SOCAR planned to finish 7 wells, but commissioned 3, 2 operational and an exploratory, wells.
ODESSA-BRODY OIL PIPELINE TO BE PRESENTED IN BAKU
The Ukrainian and Polish embassies in Azerbaijan are expected to present the project of the Odessa-Brody oil pipeline in Baku in 2002, as the two diplomatic missions are negotiating over the presentation, Ukrainian ambassador Boris Alexenko has said. A terminal with the capacity of 12 million tons of oil is being built in Odessa, he said.
According to the diplomat, the Odessa-Brody pipeline will be an alternative route to export Caspian oil to Europe on 'very favorable conditions'.
WELL COMMISSIONING PLAN UNDER-FULFILLED
Only 18 wells against the projected 46 were commissioned in November. One well was put into commission after drilling, while the other 17 from the stock of inoperative wells. A total of 9 wells were to be drilled in November, with actually one bored onshore.
It was planned to put 500 wells into line in January-November this year, with only 451 commissioned. 61 new wells, 30 offshore and 31 onshore, were drilled.
Azerbaijan to attend oil, gas symposium
An international symposium and a roundtable, "Oil and gas exporting routes in the Caspian-Caucasus region, stability and international security", was held in Komo, Italy on December 10-11. The event was organized by Landau Network Ceytro Colta.
President of the International Center for Caspian Researches Rza Ibadov took part in the symposium to deliver a speech on "Existing and proposed oil pipelines - gas pipelines in the Caspian", the Center has said. Also taking part was executive director of the Center Razi Nurullayev.
The symposium focused on the oil and gas reserves of the Caspian, the pipelines, the global geopolitical developments following the terror attacks, and the place the Caspian and Caucasus region occupies in the world's energy policy.
MP Igbal Agazedh also attended the symposium.
DRILLING SHORT OF PLAN
In January-October 2001, the drilling plan was fulfilled 64.1%, as 94,854 meters were drilled instead of the projected 148,006 meters. The plan failed both onshore and offshore. 65,894 meters instead of 71,423 meters (92.3% of the plan) were bored offshore and 28,960 meters with the projection of 76,583 meters (37.8%) onshore.
Also under-fulfilled were exploration and development drilling plans, with 9,637 and 85,217 meters (69.6% and 63.5%) drilled instead of the projected 13,840 and 134,166 meters respectively.
SOCAR OIL STOCK UP
The wells in the SOCAR oil fund numbered 6,948, including 1,340 wells offshore and 5,608 onshore, as of December 1. The figure is 52 wells over last year.
In January-November this year, 467 wells, 103 offshore and 364 onshore, accrued to the stock, while 134 offshore and 281 onshore wells were taken out of it.
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Issue No.N-50 (232), 2001
British parliament concerned with media situationForeign minister partaking in EuroAtlantic Council meetingIran's Caspian negotiator in BakuNews digestNationParliament newsBusinessOil & gas news
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