SOCAR to conduct research in Caspian Sea under new contract
Azerbaijan, Baku, Dec. 22 / Trend E.Ismayilov /
The State Oil Company of the Azerbaijan Republic (SOCAR) is in talks with Bahar Energy Limited to conduct geophysical surveys in the gap between the Bahar-2 prospective structure and Gum Deniz field in 2011, a source in the oil and gas market said.
On Dec.22, 2009, SOCAR signed a PSA contract with Bahar Energy Limited for the exploration, rehabilitation and development of the Bahar and Gum Deniz offshore fields in the Azerbaijan sector of the Caspian Sea. The contract has been ratified by the Azerbaijani Parliament.
"The companies are in talks over conduct of two-dimensional geophysical work in this area," the source said.
The source said prior to signing the contract between SOCAR and Bahar Energy Limited, there has already been made the work on three-dimensional geophysical research on the Bahar-2 prospective structure.
The contract consists of two parts. The first involves the rehabilitation and stabilization of production on the field and the second - the exploration of the Bahar-2 promising structure. Under the second part of the contract, which involves the exploration of the Bahar-2 structure, plans include drilling one exploration well in three years and another in the fourth year. The investment will hit $1 billion.
Bahar has operated since 1969 and is located 40 kilometers southeast of Baku. So far, the field has produced over 16 million tons of oil and over 128 billion cubic meters of gas.