SOCAR completes half of geophysical studies in Caspian Sea under PSA contract
Azerbaijan, Baku, June 21 / Trend, E. Ismayilov /
The State Oil Company of Azerbaijan (SOCAR) has completed half of the work within 2D geophysical studies for Bahar Energy Limited, a source in SOCAR said.
The source said that at present work has been suspended due to adverse weather conditions at the sea and will be resumed after the weather conditions will get better.
"Half of the work has been completed. It is possible to complete them in short period, but the wind does not allow it. After the weather conditions will get better, the work will continue," the source said.
Part of the work in the area has been already conducted. Earlier, sonar work was conducted in this area.
Earlier the source said work started in May and under the project should be completed within three months.
The operations envisage conducting the geophysical research on the area between the Bahar-2 prospective structure and the Gum Deniz Field. An agreement was reached to render services by SOCAR to Bahar Energy.
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. If necessary, another one will be drilled during the fourth year. According to initial estimates, Bahar Energy Limited will invest $1 billion to conduct work under the contract.