Azerbaijan, Baku, Aug. 24 / Trend E.Ismayilov /
The State Oil Company of Azerbaijan Republic (SOCAR) restored the three-dimensional (3D) geophysical studies on the prospective structure "Bahar-2" in the Azerbaijani sector of the Caspian Sea, a source in SOCAR said.
"The work on the structure in underway, and half of the work has already done," the source said. The study of the structure to be completed by late 2010.
Some 3D work on the structure of SOCAR was conducted last year. Then it was stopped because of seasonal climatic changes. It is necessary to conduct three-dimensional research on the structure to determine the geological structure of the structure.
Previously, SOCAR signed a PSA contract with the company Bahar Energy Limited for the exploration, rehabilitation, development and production on the block, which includes offshore fields Bahar and Gum Deniz. The contract was ratified by the Azerbaijani Parliament.
The second part of the contract involves exploration of the structure "Bahar-2. It is planned to drill one exploration well during three years. If it is necessary, another well will be drilled. According to initial estimates, Bahar Energy Limited will invest $1 billion to conduct work under the contract.
Bahar field has been developed since 1969. It is located 40 kilometers south-east of Baku. More than 16.8 million tons of oil and approximately 128.7 billion cubic meters of gas were extracted from the field.
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