Baku, Azerbaijan, June 3
By Emil Ismayilov - Trend:
The State Oil Company of Azerbaijan (SOCAR) intends to announce a closed tender for exploration and development at the block of Umid field and Babak prospective structure, a SOCAR senior official told the media on June 3.
"The tender will be announced by late 2014," the representative said. "It envisages a poll of interests in the development of Umid field in the block with Babak prospective structure, where the exploration work must be conducted."
SOCAR announced the Umid field discovery in 2010. It is 75 kilometers from Baku, 40 kilometers from the coast. Babak perspective structure is located near Umid field.
SOCAR has repeatedly stated that it intends to hold operations on this structure.
Gas reserves of Umid field are estimated at 200 billion cubic meters, while Babak structure is more than 400 billion cubic meters.
Some 400 billion cubic meters of gas and 80 million tons of condensate may be discovered on Babak prospective structure, according to the preliminary data.
edited by CN