Azerbaijan, Baku, July 26 / Trend E.Ismayilov /
The Caspian Geophysical Company will soon present business proposals to SOCAR to hold 3D geophysical studies on the Umid gas-condensate field and promising Babak Field in the Azerbaijani sector of the Caspian Sea.
The source said following the submission of the proposals, SOCAR will take a final decision, on the basis of which will be identified the exact dates of launch of the research work.
"There is a need in the conduct of 3D seismic studies, but SOCAR should take a final decision and a contract must be signed for their conduct," the source said.
According to preliminary data, work on these areas could begin in the first decade of December. Research will be undertaken with the geophysical vessel Gilavar, the source said.
SOCAR is confident that there are 200 billion cubic meters of gas and 40 million tons of condensate at Umid.
The Umid Field is located 75 kilometers from Baku. In 1953 the first geophysical works were carried out at the field. They were repeated in 1972 in a somewhat improved form. From 1977 to 1992, nine wells were drilled without result.
The Babak perspective structure is located near the Umid field. SOCAR has repeatedly stated that it intends to carry out work on this
Earlier, SOCAR First Vice President Khoshbakht Yusifzade said SOCAR estimates reserves of perspective Babek field at 400 billion cubic meters of gas and 80 million tons of condensate.