New geophysical survey to be held on Absheron structure

Oil&Gas Materials 27 July 2011 18:56 (UTC +04:00)

Azerbaijan, Baku, July 27 / Trend E.Ismayilov /

An extra geophysical survey will be held under a contract to explore and develop the Absheron prospective gas condensate field in the Azerbaijani sector of the Caspian Sea, a source in the oil and gas market told Trend.

The source said the geophysical surveys have already been conducted on the field, but the participants in the project intend to conduct a more detailed study.

"But, it is difficult to talk about the term of the surveys. Contractor to carry out works is likely to be determined on a tender basis," the source said.

The source said it will be possible to speak about the additional geophysical survey on completion of the drilling of exploratory wells on the field.

The drilling of exploratory wells is planned to be fully completed in November.

The depth of wells will be 7,100-7,200 meters. The bloc's structure is characterized by high pressure, he said.

According to forecasts of the State Oil Company of Azerbaijan Republic (SOCAR), the reserves of the Absheron structure are estimated at 300 billion cubic meters of gas and 45 million tons of condensate.

The Absheron bloc is located about 100 km from Baku at a depth of 500 meters.

Participants in the Absheron project are SOCAR - 40 percent, the French company Total - 40 percent and Gaz De France Suez - 20 percent.

The contract on the Absheron field signed Feb. 27, 2009 between SOCAR and Total. Later Total sold 20 percent of its equity participation in the contract to the company Gaz De France Suez.