Azerbaijan, Baku, Jan.7 / Trend, E.Ismayilov/
Contract with Bahar Energy Limited to carry out two-dimensional geophysical projects by the State Oil Company of Azerbaijan (SOCAR) in 2011 is ready for signing, a source in oil and gas market said today. Work will be conducted in the area between the prospective structure "Bahar-2" and the "Gum Deniz" field.
The visit of the Bahar Energy Limited Company's representatives is scheduled for the second half of January, 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 also includes offshore fields of Bahar and Gum Deniz. The contract was ratified by the Azerbaijani Parliament.
To sign this contract, SOCAR has carried out part of the work on three-dimensional (3D) geophysical studies for the prospective structure Bahar-2.
Under the second part of the contract, which involves the exploration of the Bahar-2 structure, there are plans to drill one exploration well in three years and in case of necessity, another one in the fourth year. According to initial estimates, Bahar Energy Limited will invest $1 billion to conduct work under the contract.
Bahar has operated since 1969 and is located 40 kilometers southeast of Baku.