SOCAR conducts activities to build new rigs in Caspian Sea

Oil&Gas Materials 13 September 2011 22:51
SOCAR conducts activities to build new rigs in Caspian Sea

Azerbaijan, Baku, Sept. 12 /Trend, E.Ismayilov/

SOCAR (State Oil Company of Azerbaijan) is negotiating for the construction of two new floating drilling rigs in the Caspian Sea, SOCAR First Vice-President on geology, geophysics and field development Khoshbakht Yusifzadeh said.

"Currently, the situation with the issue of floating drilling rigs is not good [there is a shortage], but despite this, negotiations are now conducted on two new floating drilling rigs," said Yusifzadeh.

He said the specialists of SOCAR will visit to the U.S. in the near future within the construction of new rigs. "The construction of drilling rigs can take two or three years," said Yusifzadeh.

A source on the oil and gas market earlier said that SOCAR will be able to start construction operations in early 2012 within the creation of two modern offshore drilling rigs in the Caspian Sea. At present, the work is underway to design the rigs. The contractor is planned to be determined by late 2011. The contractor will be engaged in construction operations, as well as the cost of the project.

The modern rigs will be able to operate at a water depth of 1,000 meters and to drill a well at a depth of 8,000 meters.

SOCAR president Rovnag Abdullayev said earlier that the company has plans to develop the "Umid" field, to conduct exploration drilling on the "Babak" prospective structure, operations on the "Shafag-Asiman" prospective block within a new contract with BP, drilling on the "Absheron" perspective structure and other projects planned to be implemented in the Azerbaijani sector of the Caspian Sea.