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SOCAR to complete geophysical studies within PSA contract by late 2011

Oil&Gas Materials 20 July 2011 17:44

Azerbaijan, Baku, July 20 / Trend, E.Ismayilov /

The State Oil Company of Azerbaijan (SOCAR) and Bahar Energy Limited expand the volume of work within the geophysical studies in the area between the prospective structure "Bahar-2" and Gum Deniz field in the Azerbaijani sector of the Caspian Sea, SOCAR told Trend on Wednesday.

He said if earlier it is envisaged to conduct 2D geophysical studies on the structure, then as a result of the taken decision the volume of work will be expanded, and SOCAR will conduct 3D studies on this area.

"Volume of 2D work has been expanded, and a decision was taken to conduct 3D geophysical studies," the source said.

He said both 2D and 3D studies are planned to be completed by late year, SOCAR will conduct only field work in the mentioned area. Customer will conduct analysis and interpretation of received data independently.

"At present, work in the sea is underway, as weather conditions are favorable for that," the source underlined.

The studies started in May. 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.

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.

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.

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