Azerbaijan to soon launch geophysical studies on prospective block in Caspian Sea
Azerbaijan, Baku, Oct. 17 / Trend , E.Ismayilov /
Caspian Geophysical Company will begin three-dimensional geophysical studies on the Shafag-Asiman prospective blockin the Azerbaijani sector of Caspian Sea by late this week, a source in the oil and gas market told Trend.
Earlier, it was planned the work on Sept.15. Delay is linked with the preparatory process, in particular because of the weather conditions at sea.
"The work can begin in a couple of days," the source said.
Work is underway to mobilize all the necessary forces at sea. Research will be undertaken with the geophysical vessel Gilavar.
The offshore research may take about two months. Afterwards, the company will conduct an analysis and interpretation of data.
The projected reserves of Shafag Asiman are 500 billion cubic meters of gas and 65 million tons of condensate, SOCAR First Vice-President Khoshbakht Yusifzade said earlier.
According to the contract, BP has taken on greater responsibility for the work on this block because it is located at a water depth of 750 meters. The depth of exploratory wells will be 7,000 meters.
BP-Azerebaijan and Caspian Geophysical signed a contract to carry out 3D-seismic in May.
Since 2005, the Gilavar ship has conducted works outside the Caspian Sea for such major energy companies as BP, Shell, Maersk, Petrobras.
The SOCAR and BP signed the PSA on "Shafag-Asiman" for a period of 30 years. The exploration period is 4 years with possible prolongation for another 3 years. The first stage of exploration works envisions drilling of two wells. The second one assumes drilling of two more wells, if necessary. As the sides go over to the production stage, they will operate the project jointly. The two companies hold equal interests in the project.
"Shafag" and "Asiman" structures are located 125 kilometers to the south-east of Baku. SOCAR and BP signed a memorandum on "Mutual understanding" on the joint exploration and development of "Shafag" and "Asiman" in London in July 2009. Exploration work has not been conducted on the block before.