Caspian Geophysical prepares for 3D-seismic research

Oil&Gas Materials 28 October 2011 16:21 (UTC +04:00)

Azerbaijan, Baku, Oct. 28 / Trend , E.Ismayilov /

Caspian Geophysical will begin 3D geophysical studies on the Shafag-Asiman prospective block in the Azerbaijani sector of the Caspian Sea in the near future.

Now, the contractor is preparing to launch operations.

"The contractor is preparing to start work," the company said.

Caspian Geophysical told Trend today that the Gilavar ship is currently in the contract area, where work is underway to launch the planned work.

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 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.

BP-Azerebaijan and Caspian Geophysical signed a contract to carry out 3D-seismic in May.

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.