Azerbaijan, Baku, Jan. 10 / Trend E.Ismayilov/
The three-dimensional geophysical studies in the Umid field and Babak perspective structure in the Azerbaijani sector of Caspian Sea will begin in March, a source on the oil and gas market told Trend today.
According to the source, the negotiations are underway within the signing of the contract between SOCAR and Caspian Geophysical, which will conduct the studies.
"The negotiations are held between the parties," a source said. "The work may begin in March, close to the holiday of Novruz (March 20-21)."
According to SOCAR specialists, the results of drilling of the first exploratory well suggest the volume of reserves exceeds 200 billion cubic meters of gas and 40 million tons of condensate.
Umid is located in 75 kilometers of Baku, 40 miles from the coast. Geophysical work was for the first time held here in 1953. The work here was re-implemented in 1972. Then nine wells were drilled from 1977 to 1992, neither of which produced results.
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.