Azerbaijan, Baku, Nov.23 / Trend E.Ismayilov /
The State Oil Company of Azerbaijan (company) completes three-dimensional geophysical studies under contract with Bahar Energy Limited in the area between Bahar-2 perspective structure and Gum Deniz field in the Azerbaijani sector of the Caspian Sea, a source in SOCAR told Trend on Friday.
He said it will be possible to complete the work at sea within this project in good weather conditions by late this month.
"There is little work to do, but the weather conditions do not allow completing them yet. In favorable weather conditions it will be possible to complete the work at sea in a few days," the source said.
Previously, SOCAR signed a PSA contract with Bahar Energy Limited for the exploration, rehabilitation, development and production on the block, which also includes offshore fields of Bahar and Gum Deniz.
Under the second part of the contract, which involves the exploration of the Bahar-2 structure, there are plans to drill one exploration well in three years. If necessary, another one will be drilled during the fourth year.
According to initial estimates, Bahar Energy Limited will invest $1 billion to conduct work under the contract.