SOCAR to resume research in frame of project in Caspian Sea
Azerbaijan, Baku, Feb.24 /Trend E.Ismayilov/
The State Oil Company of Azerbaijan (SOCAR) will resume work on the three-dimensional geophysical studies under contract with Bahar Energy Limited on the area between Bahar-2 prospective structure and Gum Deniz field in the Azerbaijani sector of Caspian Sea from March 1, a source in SOCAR told Trend on Friday.
Previously, the work has been suspended due to unfavorable weather conditions.
The source said adverse weather conditions and underwater currents hampered the work, and therefore it was decided to suspend it.
The best time to do researches on the Caspian Sea is the period from April to October, but the weather conditions not always make it possible to carry out research.
Earlier, SOCAR signed a PSA with the company Bahar Energy Limited for the exploration, rehabilitation, development and production on the block, which includes the offshore fields, Bahar and Gum Deniz.
The second part of the contract signed between SOCAR and Bahar Energy, involves exploration of Bahar-2structure. It is planned to drill one exploration well within three years and another well can be drilled on the fourth year if necessary. According to initial estimates, Bahar Energy Limited will invest $1 billion in the implementation of the project.