Azerbaijan, Baku, Nov.15 / Trend, E. Ismayilov /
Caspian Geophysical has launched 3D geophysical research on the Shafag-Asiman prospective block in the Azerbaijani sector of the Caspian Sea, a SOCAR source. SOCAR and the British BP are participants in the block's development, told Trend on Tuesday.
According to the source, despite the fact that the work has already started, there will be a slight delay in the research due to poor weather conditions.
"Work on the block from the Gilavar ship has already started," the source said.
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 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.
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.