SOCAR continues work on the development of large gas and condensate fields in the Caspian Sea

Azerbaijan, Baku, Dec. 21st / Trend, E. Ismayilov /

The State Oil Company of Azerbaijan (SOCAR) is considering the installation of a second platform in the Umid field in the Azerbaijani sector of the Caspian Sea, a company source told Trend.

According to the source, the installation of a new platform is being considered, as it is required for full scale field development.

The source stated that at the present time, work is underway on the drilling of a third well in the field. Previously, two exploration wells were being drilled there, one of which is currently in operation; the extracted gas and condensate are sent to shore via underwater infrastructure.

"At present, well depth is 600 meters," the source said.

According to the source, drilling will be completed in the first half of 2013.

The source also noted that work is being carried out on the introduction of amendments to the contract with Nobel Oil Exploration and Production within the joint venture with SOCAR-Umid JSC. If the contract currently only covers the exploration period in the field, following the additions, it will also cover development.

By the estimates of SOCAR specialists, according to the results of drilling during the first exploration, the amount of deposit reserves stands at over 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 there. They were repeated in 1972 in a somewhat improved form. From 1977 to 1992, nine wells were drilled with negative results.

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