Azerbaijan, Baku, Jan. 14 / Trend E. Ismayilov /
BP will drill the first well SDX-07 this spring within the development of Shah Deniz gas field in Azerbaijani sector of the Caspian Sea, a source on the oil and gas market said.
He said that a new well may be drilled in early March.
"It is planned to complete drilling of one well and begin drilling of the second one this year within the second stage of Shah Deniz development, a source said.
The depth of exploration well SDX-06 is 5,950 meters. The designed depth of the well is 6,500 meters, a source said. The drilling of the exploration well will be completed this month. The process of its temporary closing-down will be completed in mid-February.
Peak production is forecast at over 8.6-9 billion cubic meters. Gas production may be brought up to 25 billion cubic meters per year under the second stage of development.
The field's reserves are estimated at 1.2 trillion cubic meters during the first stage.
The contract to develop Shah Deniz was signed June 4, 1996. Participants are BP (operator) - 25.5 percent, Statoil Hydro - 25.5 percent, NICO - 10 percent, Total - 10 percent, LukAgip - 10 percent, TPAO - 9 percent, and SOCAR - 10 percent.