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SOCAR to attract multinational company for joint development in Caspian Sea

Business Materials 15 September 2014 13:44 (UTC +04:00)

Baku, Azerbaijan, Sept.15

By Emil Ismayilov - Trend:

SOCAR (State Oil Company of Azerbaijan) expects offers from 12 major multinational companies on joint work on Umid gas field and Babak perspective structure in the Azerbaijani sector of the Caspian Sea, the head of SOCAR Rovnag Abdullayev said Sept.15.

He added that the work on the specified structures consisting of one block requires complex technical program development, process of underwater development and large investment volume. That is why the State Oil Company took the decision to attract large companies as a partner to work on this block, Abdullayev said.

"We will implement a major program of joint development of Umid and Babak with the company that submits the best proposal, the head of SOCAR said.

Speaking about the form of the contract, under which the State Oil Company intends to cooperate with the new partner, Abdullayev said that this issue will be resolved according to the proposals as SOCAR has no sophisticated technology for underwater development.

The daily debit of two wells in the Umid field ranges from 1.1-1.5 million cubic meters of gas.

More than 390 million cubic meters of gas and 65 million metric tons of condensate were produced on Umid gas and condensate field, which was opened by SOCAR (State Oil Company of Azerbaijan).

Summary gas reserves of the field are estimated at 200 billion cubic meters.

SOCAR announced the discovery of the Umid field in 2010. The volume of the field reserves hit over 200 billion cubic meters of gas and 40 million tons of condensate according to the results of drilling of the first exploration well, SOCAR specialists said.

The Umid field is located 75 kilometers from Baku, 40 kilometers away from the coast. The first geophysical work was carried out there in 1953.

Operations were also conducted in 1972 using modern methods. Nine wells were drilled there from 1977 to 1992, without any results.

The reserves of Babak perspective structure may amount to 400 billion cubic meters of gas and 80 million metric tons of condensate, according to preliminary data.

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