Azerbaijan completes geophysical survey on large offshore block

Oil&Gas Materials 10 January 2012 13:58 (UTC +04:00)

Azerbaijan, Baku, Jan 10 /Trend E.Ismayilov/

The Caspian Geophysical Company completed a three-dimensional geophysical study of the Shafag-Asiman prospective block in the Azerbaijani sector of the Caspian, a source for the oil and gas market told Trend. The work was done from the Gilavar geophysical vessel.
"Field work on Shafag-Asiman is fully completed," the source said and added that Caspian Geophysical also holds data processing for BP. Interpretation of the data will be conducted independently by the customer.

The BP-Azerbaijan and Caspian Geophysical companies signed a contract for the 3D-seismic data on May 2011.

As the first vice-president of SOCAR on geology, geophysics and mining Khoshbakht Yusifzade mentioned previously, BP has assumed responsibility for the work on this block under contract because it is located at a depth of 750 metres. The depth of exploratory wells should reach seven thousand metres. Forecasted reserves of the Shafag-Asiman block is 500 billion cubic metres of gas and 65 million tons of condensate.

The contract on Shafag-Asiman was signed for 30 years. The exploration period is four years with a possible extension for another three years. It is planned to drill two wells in the first phase. Two more wells will be drilled in the second stage, if necessary. Both parties will implement a joint operation after the transition to the operational period. The share participation in the contract is 50 to 50 per cent.

The Shafag and Asiman structures are located 125 kilometres to the south-east of Baku. SOCAR and BP signed a memorandum of understanding in London, in July 2009, for joint exploration and development of Shafag and Asiman. Exploration work on the block was implemented earlier.