Azerbaijani company completes drilling of exploration well in Middle East

Oil&Gas Materials 30 September 2013 18:02 (UTC +04:00)

Azerbaijan, Baku, Sept. 30 /Trend, E. Ismailov/

Azerbaijani Caspian Drilling Company Ltd (CDC), the operator of project on development of prospective Shemen structure on Israel's sea shelf, prepares to complete drilling of the first exploration well on the structure, a source in oil and gas market told Trend on Monday.

Israeli ACC Holdings International and B"H Shemen Oil and Gas exploration 2010 Ltd (ACC Group) signed an agreement on basic principles last year within the CDC project. A month ago, the sides signed a Joint Operating Agreement (JOA), which enables the CDC to carry out work on this prospective structure.

"Drilling of the well will be completed in the near future. Currently it is in the final stages," the source said.

The projected depth of the first exploration well is 5,800 meters. It will be necessary to drill an appraisal well after conducting exploratory drilling at the structure, which will allow defining the place of installation of the stationary platform. Exploration wells, to be drilled at the structure, are designed in such a manner that allows using them as production wells in case of achieving good results.

The CDC, a 92.44 percent stake of which is owned by the State Oil Company of Azerbaijan (SOCAR), participates in all PSA-projects in Azerbaijan. The company also participated in the opening of the Shah Deniz gas and condensate field in the Azerbaijani sector of the Caspian Sea, where the company acted as the main contractor of BP Azerbaijan - project's operator.

The company has extensive experience in drilling offshore fields; in particular, it has been actively involved in the drilling operations on the Azeri-Chirag-Guneshli and the Shah Deniz fields.