SOCAR Establishes Joint Venture to Drill Umid Field
Azerbaijan, Baku, 4 July / Trend / "State Oil Company of Azerbaijan (SOCAR) and Nobel Oil Exploration & Production Ltd established a limited liability company SOCAR-Umid," Azerbaijan's Taxes Ministry reported.
SOCAR owns 80% and Nobel Oil 20% of the newly established company. SOCAR-Umid will implement drilling in the Umid prospective field located in Azerbaijan's sector of the Caspian Sea.
SOCAR needs operation of offshore Umid-1 platform due to implementation of the program on improvement of gas production in the fields developed by SOCAR through its own funds. Six gas wells will be drilled from the platform.
Platform Umid-1, which is being constructed on the basis of unfinished Chirag-6 platform and is the largest object of the program, its height to comprise 72m. The platform will be located 15km of offshore Bulla-Deniz field, 58m under the surface.
Total supposed mineable gas reserves in the Umid field are assessed to comprise 200-300bln cu m.
In the Soviet time 11 wells were drilled in the field, with only 2 of them achieving planned productive horizon. However, during testing of production layer accidents took place. Positive geophysical log characteristic was registered in Umid-4.
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