Azerbaijan, Baku, Feb.28 /Trend E.Ismayilov/
The Caspian Geophysical Company has begun a three-way geophysical study in the Umid field and Babek perspective area in the Azerbaijani sector of Caspian Sea, a source of oil and gas market told Trend on Tuesday.
"The State Oil Company of Azerbaijan (SOCAR) and Caspian Geophysical signed a contract and work at sea has already begun accordingly," the source said.
The source noted that the work will be completed by mid-April if the weather conditions are favourable. Work on the contract area is carried out from the geophysical vessel Gilavar.
Umid is located in 75 kilometres from Baku and 40 miles from the coast. Geophysical work was for first carried out there in 1953. The work was re-started in 1972. Then nine wells were drilled from 1977 to 1992, neither of which produced results.
The perspective site at Babek is located not far from the Umid field. SOCAR has repeatedly stated that it was going to carry out this work independently.
Estimated reserves of the Babak site stands at 400 billion cubic metres of gas and 80 million tons of condensate.