Baku, Azerbaijan, Oct. 14
By Maksim Tsurkov - Trend:
SOCAR (State Oil Company of Azerbaijan) will soon determine the place to drill an exploration well on an onshore area with Mesozoic sediments in Azerbaijan, Khoshbakht Yusifzade, the first vice-president of SOCAR, told reporters Oct. 14.
He said that most of the fields recently developed by SOCAR are mostly gas-condensate.
"We are now working on the deep-sea areas," he said. "It is difficult to discover oil at a depth of 6,000-7,000 meters. These are mainly gas fields. For this reason, we plan to resume activity at the onshore fields. More than 1 billion metric tons of oil has been produced from them up till now or 40 percent of total geological reserves. Using the new technologies will increase the production here by 10 percent."
He said that SOCAR is negotiating about the joint development of these deposits with a number of foreign companies.
"Among them are such companies as ConocoPhillips and Total," he said. "The contracts were signed with them. The research work was conducted. In the near future we plan to determine the onshore place with Mesozoic sediments, where we will drill the well."
Edited by CN
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