Azerbaijan, Baku, Dec. 10 / Trend E.Ismayilov /
SOCAR plans to complete processing and interpretation of data as a result of three-dimensional (3D) geophysical studies on the prospective structure Bahar-2 in the Azerbaijani sector of the Caspian Sea in the first half of 2011, a source in SOCAR said.
He said that the very 3D seismic process has been completed. The processing and interpretation of the obtained data have been launched.
"3D studies have been completed. The processing and interpretation operations have been launched. They can be completed in the first half of next year," the source said.
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 million tons of oil and approximately 128 billion cubic meters of gas were extracted from the field.