Azerbaijan, Baku, Nov. 1 /Trend, E.Ismayilov/
Caspian Geophysical Company and SOCAR (State Oil Company of Azerbaijan) are working within concluding a contract to conduct geophysical operations on Umid field and perspective structure Babek, a source on oil and gas market told Trend.
According to source, under the contract, the Gilavar geophysical ship will conduct three-dimensional seismic work in the areas.
"The work to conclude contract continues," said the source.
According to source, the final date will only be clear after the determination of the timing of the two other projects that are planned to be conducted with Gilavar ship. Both projects will be implemented by BP-Azerbaijan Company. The first project is to conduct three-dimensional explorations on the prospective block Shafag-Asiman, the second - 4D-seismic on the East Azeri field, which is part of the block of Azeri-Chirag-Guneshli oil and gas fields in the Azerbaijani sector of the Caspian Sea.
According to SOCAR's specialists, there are over 200 billion cubic meters of gas and 40 million tons of condensate at Umid field. The Umid Field is located 75 kilometers from Baku. In 1953 the first geophysical works were carried out at the field. They were repeated in 1972 in a somewhat improved form. From 1977 to 1992, nine wells were drilled without result.
The perspective structure Babek is located not far from the Umid field. SOCAR has repeatedly stated that it was going to carry out work on the structure independently.
Estimated reserves of the Babak structure stand at 400 billion cubic meters of gas and 80 million tons of condensate.