Azerbaijan, Baku, Jan.26 / Trend E. Ismailov /
The State Oil Company of Azerbaijan (SOCAR) is fully ready to conduct two-dimensional geophysical studies in the area between the prospective structure "Bahar-2" and "Gum Deniz" field, a source in oil and gas market 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 geophysical studies in the prospective structure Bahar-2 in a section of 70 square kilometers.
"Currently, negotiations are underway with Bahar Energy to sign a contract to conduct seismic, but despite this, SOCAR is ready to conduct work envisaged in this section," he said.
Regarding signing the contract the source noted that it will depend on the results of talks with the company.
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.