SOCAR can conduct geophysical exploration within large-scale project in Azerbaijan
Azerbaijan, Baku, Aug. 8 /Trend, E.Ismayilov/
SOCAR (State Oil Company of Azerbaijan) may independently carry out geophysical and seismic exploration within the creation of new complex for oil and gas refinery and petrochemical products manufacturing in Azerbaijan's Garadagh district, a source in oil and gas market said.
He said this research is a necessity given the scale of the project.
"The work and selection of subcontractors, particularly on the issue of geophysical exploration, will be conducted after the contractor will be determined within this unique project," the source said.
He said respectively, a bid will be announced to conduct geophysical exploration. In this case it is likely that the exploration will be conducted by geophysics and geology unit of SOCAR, as the company has all the necessary equipment, capabilities and experience to carry out assigned tasks.
The investments volume needed to build a new oil and gas refining complex will amount to $12-$13 billion, State Oil Company of the Azerbaijan Republic (SOCAR) Vice President of Strategic Development Tofig Gahramanov earlier. Gahramanov said recoupment of funds to be invested in building the complex is 6-7 years.
Commissioning the facility will be performed in phases and will cover 2018-2020. Primarily, the project stipulates first commissioning of a gas processing plant (GPP) with capacity of 10 billion cubic meters, then - chemical industry, and the last will be commissioned refinery with capacity of 10 million tons.
GPP plans to process gas from fields developed by SOCAR independently, the Azeri-Chirag-Guneshli fields, and if necessary, gas (SOCAR's share) from the Shah Deniz Field.
Gahramanov said the complex will produce petrol A-92, A-95, A-98 and jet fuel. Also, a significant portion of production will fell to production of diesel fuel, because demand for diesel is growing.
Such worldwide companies as Technip, Foster Wheeler AG, UOP were involved in preparing the feasibility study of the new complex.
The area of the complex is 1,500 ha.