Azerbaijan, Baku, Oct. 19 / Trend , E.Ismayilov /
The State Oil Company of the Azerbaijan Republic (SOCAR) and Bahar Energy Limited have agreed to expand their geophysical research this autumn on the area between the Bahar-2 perspective structure and Gum Deniz field in the Azerbaijani sector of the Caspian Sea, a source in SOCAR told Trend on Wednesday.
Both sides signed an agreement that will see the Geology and Geophysics Office of SOCAR carry out the work in the defined area .
The spokesman said: "Earlier 2D and 3D-seismic research was conducted on the area, but the work on 3D-seismic research in the area will continue under the agreement. This will allow SOCAR to analyse the retrieved data.
"We are preparing to start work on the site soon dependent on good weather conditions..
Previously, SOCAR signed a PSA contract with Bahar Energy Limited for the exploration, rehabilitation, development and production on the block, which also includes offshore fields of Bahar and Gum Deniz.
Under the second part of the contract, which takes in the exploration of the Bahar-2 structure, there are plans to drill one exploration well in three years. If necessary another one will be drilled during the fourth year. According to initial estimates, Bahar Energy Limited will invest $1 billion to conduct work under the contract.