Azerbaijan, Baku, Jan. 26 /Trend, E.Ismayilov/
SOCAR (State Oil Company of Azerbaijan) will hold three-dimensional geophysical studies in several fields in the Azerbaijani sector of the Caspian Sea, a source in oil and gas market said.
The source said studies are particularly planned to be conducted on the fields 'Bulla-Deniz' and 'Hera-Zire'.
The date of starting work depends on the results of negotiations with Bahar Energy Limited to conduct geophysical studies between the prospective structure 'Bahar-2' and Gum Deniz field.
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. 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.
In case of signing the contract, Bahar Energy will commence work within it, and within a year SOCAR will hold three-dimensional studies on 'Bulla-Deniz' and 'Hera-Zire', the source said.
Bulla Deniz field has been operating since 1975. During 34 years, 62 billion cubic meters of gas and 11 million tons of oil and condensate have been produced from the field.
The daily debit of this field is 450,000 cubic meters of gas. According to SOCAR's geologists, the gas production in this field may increase several times, SOCAR said earlier.