Azerbaijan, Baku, May 31 / Trend, E.Ismayilov /
The State Oil Company of Azerbaijan (SOCAR) plans to complete three-dimensional geophysical researches on the area between the prospective structure Bahar-2 and the Gum Deniz field in the Azerbaijani sector of Caspian Sea in accordance with a contract with Bahar Energy Limited in June-July, a source in SOCAR told Trend on Thursday.
He said half the work on the contract area has been completed.
"Work continues on the area and depending on weather conditions in June-July they will be completed," the source said.
Previously work had been suspended due to unfavourable weather conditions. The best time to do researches on the Caspian Sea is from April to October, but the weather conditions do not always make it possible.
Earlier, SOCAR signed a PSA with Bahar Energy Limited for the exploration, rehabilitation, development and production on the block which includes the offshore fields of Bahar and Gum Deniz.
The second part of the contract signed between SOCAR and Bahar Energy, involves exploration of the Bahar-2complex. It is planned to drill one exploration well within three years and another can be drilled in the fourth year if necessary. According to initial estimates, Bahar Energy Limited will invest $1 billion in the implementation of the project.