Azerbaijan, Baku, Jan. 6 /Trend, E. Ismayilov/
It is planned to begin drilling of the exploration well on the Absheron prospective structure in Azerbaijani sector of the Caspian Sea from the Heydar Aliyev drilling rig (operated by Danish Maersk Drilling Company) in mid-January, a source on the oil and gas market said.
"Repairing is underway. The well may be drilled by the middle of January," a source said.
Drilling of an exploration well at the Absheron structure was scheduled for autumn, but since the rig conducted exploratory drilling in the Kazakh sector of the Caspian Sea, the work was delayed.
According to the State Oil Company of the Azerbaijan Republic (SOCAR), the Absheron structure's reserves are estimated at 300 billion cubic meters of gas and 45 million tons of condensate.
The Absheron bloc is located about 100 kilometers from Baku at a depth of 500 meters.
Participants in Absheron are SOCAR (40 percent), Total (40 percent) and Gaz De France Suez (20 percent).
The contract on the Absheron Field was signed on Feb. 27, 2009 between SOCAR and Total. Later Total sold 20 percent of its equity participation to Gaz De France Suez.
This is the second attempt by foreign companies to start production of the Absheron. In 1997, the first PSA contract was signed for exploration and development between SOCAR and ChevronTexaco. SOCAR received 50 percent of the equity participation, ChevronTexaco - 30 percent and Total - 20 percent. However, after drilling, the reserves were considered commercially unattractive and the contract was closed.