Oil & Gas News

CHINA INTERESTED IN AZERI OIL FIELDS

Representatives from the International Chinese Petrochemical Cooperation showed interest in some of the fields on Absheron Peninsula, including Muradkahnly, and oil bearing regions on the Peninsula, the lower Kur plain, in Buzovna-Mashtaga, Surakhany-Garachukhur and Pirsaat during their March visit to Baku, according to a competent source from SOCAR.

The Chinese corporation launched its operations in Salyan Oil in April after investing $52 million in the company.

AZPETROL SERVICE STATIONS UP 80

Azpetrol, an owner of a range of petrol filling stations in Azerbaijan, is planning to increase its service stations to 80. 70 of them will be liquid fuel and 10 gas stations.

The company has put into commission 13 service stations this year, putting the number of service stations at 45.

SOCAR MARCH OIL PLAN FULFILLED UNLIKE GAS

SOCAR extracted 756,400 tons of crude instead of 747,800 tons in March, fulfilling the plan both offshore and onshore by 101.2%. 624,700 tons of oil (100.6%) were produced offshore and 68,900 tons (105.4%) onshore.

However, the March gas output projection was failed, with 436,000,000 cubic meters (98.4%) produced against 443,100,000. 333,900,000 cubic meters were extracted offshore (96.4% of the plan) and 13,100,000 (103.1%) onshore.

The AIOC produced 80,600,000 cubic meters of gas (106.6% of the plan).

Joint ventures extracted 62,600 tons of crude and 5,700,000 cubic meters of gas onshore.

ERNST & YOUNG TO AUDIT AZERI OIL FUND

Ernst & Young has won an open tender by the State Oil Fund of Azerbaijan to conduct an audit into the fund's financial performance in 2001.

Also taking part in the tender were companies licensed for auditing activities in Azerbaijan, Arthur Andersen, Central Asia Business Consultance Ltd. (part of Deloy and Touch alliance) and Pricewaterhouse Coopers Eastern Europe B. V.

The Oil Fund released a statement Wednesday saying that Ernst & Young was announced the winner following bid evaluation.

MARCH OIL PUMPING PLAN FULFILLED VIA NORTHERN ROUTE

SOCAR has completed pumping 250,000 tons of oil through the northern Baku-Novorossiysk pipeline. The figure is 25 tons over that last month, a SOCAR source said Friday.

2.5 million tons of crude is to be dispatched via the pipeline this year.

HIGH-FLOWING WELL COMMISSIONED ON GUNASHLI

New high-flowing well #285 was commissioned on the Gunashli field in late March, yielding 120 tons of oil and 20,000 cubic meters of gas a day from the depth of 3150 meters. The production is underway using the gas lifting method, a SOCAR source said Tuesday. The well was drilled by the Baku Port offshore prospecting department for half a year. The commissioning has enabled to cover crude production backlogs in other deposits due to flooding.