TODAY.AZ / Business

Chinese companies interested with ex-contract area of Lukoil

05 May 2005 [19:25] - TODAY.AZ
Several Chinese companies study the possibility of obtaining of operator functions in the project of rehabilitation and development of onshore field "Hovsany-Zykh", the agency Trend reports, reliable sources inform about this.
Russian LUKOIL was the operator at this area from 2001 to 2004, which left the project due to unreasonable conditions of development.

The sources do not call the names of companies, however, indicate some of them presently participate at development of oil and gas field of Azerbaijan.

By data of SOCAR, reserves of oil at "Hovsany-Zykh" is 17 mln tons. At that, only more than 5% of reserves was produced since starting point to present time. The field "Hovsany-Zykh" is located at the southern part of Apsheron peninsula, the size contract area is 128 sq.k?, including rehabilitation one - 52 sq. km.

At the cost of own resources SOCAR produces oil and gas operations at former area of LUKOIL, which signed this contract 9 January 2001 for 25 years period. However, the contract between companies was dissolved.


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