SOCAR: Rising interest in Azerbaijani gas complexes

Oil&Gas Materials 6 September 2012 14:49 (UTC +04:00)

Azerbaijan, Baku, Sept 6 /Trend E.Ismayilov/

State Oil Company of Azerbaijan (SOCAR) is not going to attract foreign partners to the project to develop the Umid gas condensate field in the Azerbaijani sector of the Caspian Sea at this stage, senior representative of SOCAR said.

"At this stage, the involvement of other partners in the development of the field is not provided," the source said.

He noted that the discovery of the new fields Umid and Absheron, as well as increasing the likelihood of major gas reserves in the prospective complex of Babak increased the interest of foreign and domestic in the investors to structure.

"The interest in Umid and Babek has increased," the source said.

The Umid Field is located 75 kilometres from Baku. In 1953 the first geophysical work was carried out. This was repeated in 1972 in a somewhat improved form. From 1977 to 1992, nine wells were drilled with negative results.

The perspective Babek site 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.