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Volume of reserves on Azerbaijani offshore gas field may increase

Oil&Gas Materials 7 December 2010 20:59 (UTC +04:00)

Azerbaijan, Baku, Dec. 7 /Trend, S.Aliyev/

The volume of reserves on the Umid offshore gas condensate field in the Azerbaijani sector of the Caspian Sea, the opening of which SOCAR announced in late November, can increase by 50 percent, a source of oil and gas market said on Tuesday.

According to experts of SOCAR, the volume of reserves on the field is 250 billion cubic meters of gas and 40 million tons of condensate.

According to the source, by analogy with other fields located next to the Umid, the fifth horizon contain gas facilities, which can further concentrate about 50 percent of the gas of the totally declared volume.

The State Oil Company of the Azerbaijan Republic (SOCAR) plans to begin drilling a second exploratory well at the major Umid gas field in the Azerbaijani sector of the Caspian Sea in mid-2011

All of the peculiarities of the deposits, which were identified in the process of drilling the first well, will be taken into account while drilling the second well.

The Umid Field is located 75 kilometers from Baku. In 1953, the first geophysical works were carried out at the field. They were repeated in 1972 in a somewhat improved form. From 1977 to 1992, nine wells were drilled without result.

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