SOCAR prepares project of parallel operation of new wells in large field

Oil&Gas Materials 10 April 2012 21:02 (UTC +04:00)

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

State Oil Company of Azerbaijan(SOCAR) is preparing a project for parallel operation and the drilling of new wells in the field "Umid" being developed by the State Oil Company at its own expense, the head of SOCAR Rovnag Abdullayev told reporters on Tuesday.

"The company data on the second well on the field will be received in the near future," Abdullayev said.

Regarding involvement of foreign investors in the project on development of the field, he said that while it isn't planned to attract new participants in the project, and the company intends to continue work on the "Umid" at their own expense.

The design depth of the third well will be the same as the depth of the second one which is 6500 metres. The field's discovery was announced in 2010.

According to SOCAR, the results of drilling at the first exploratory well suggest that the reserve's volume exceeds 200 billion cubic meters of gas and 40 million tons of condensate.
The Umid Field is located 75 kilometres from Baku. In 1953 the first geophysical works were carried out at the field. They were repeated in 1972 in a somewhat improved form. From 1977 to 1992, nine wells were drilled with negative results.