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ECONOMICS
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Azerbaijan's GL Group to drill first onshore horizontal well

06 December 2024 15:51

Azerbaijan's private GL Group, specialising in energy exploration and extraction, plans to drill the country’s first onshore horizontal well.

“GL Group has announced its intention to drill a 400-metre-long horizontal well at a depth of 4,400 metres, targeting deep oil layers. This well is part of a broader initiative that includes drilling three new complex wells at the Kursangi and Garabagli fields in the Salyan district, marking a return to drilling operations in the area after a 14-year hiatus,” Caliber.Az reports via local media.

To carry out the drilling work, GL Group has launched a tender this week for drilling services, inviting both local and international companies to participate. GL Group also reports that its subsidiary, Salyan Oil Limited, has successfully halted a 19-year decline in baseline production at the Kursangi and Garabagli fields, with production now increasing through operational efficiency programmes which are implemented without significant capital investments.

Moreover, earlier this year, GL Group completed the drilling of six new wells at the Buzovna-Mashtaga and Gala fields, operated by another subsidiary, Taghiyev Operating Company. To date, production from these six wells has exceeded initial forecasts. GL Group manages five oil and gas fields across Azerbaijan, including Kursangi and Garabagli in the Salyan district, as well as Buzovna-Mashtaga, Gala, and Zira on the Absheron Peninsula. 

The group's portfolio includes operational companies such as Salyan Oil Limited, Taghiyev Operating Company, and GL Technical Services LLC, which renders technical services in the oil and gas industry. In 2024, GL Group acquired a 25-per cent-stake in the highly promising gas license of Canadian Gazelle Energy Limited in the Thrace Basin in Türkiye.

GL Group is Azerbaijan's first privately-owned energy company group. Its portfolio consists of five companies: GL International, GL Investment, Salyan Oil Limited, Taghiyev Operating Company, and GL Technical Services. Currently, GL Group operates five oil fields across Azerbaijan, including the "Kursangi" and "Garabaghli" fields in the Salyan district, as well as the "Buzovna-Mashtaga," "Gala," and "Zira" fields on the Absheron Peninsula.

By Naila Huseynova

Caliber.Az
Views: 163

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