Azerbaijan spends $859 mln to build a drilling rig

Since the construction of a new generation floating drilling rig in Azerbaijan from the State Oil Fund (SOFAZ), this project has been allocated $859.7mln.

According to sources in the Oil Fund, in the first quarter of 2017, the project was allocated $66mln.

The cost of the project is $1,116.7mln.

Previously, the president of the Azerbaijani state-owned SOCAR Rovnag Abdullayev said that in the process of building a new large floating drilling rig of a new generation, SOCAR managed to save about $60mln.

The State Oil Fund holds 90 percent in Azerbaijan Rigs LLC, created for the construction of a new platform. 10 percent of the stake in the LLC belongs to SOCAR.

The first drilling rig of the new generation is being built for SOCAR's needs.

News.Az

You Might Also Like