Baku, Azerbaijan, June 1
By Maksim Tsurkov - Trend:
Azerbaijan's state oil company SOCAR is considering the possibility to get its affiliated company SOCAR-Umid involved in the development of the Umid-Babek block of fields, said a SOCAR high-ranking representative June 1.
"It has been decided to sign a risk-service-contract to develop the Umid-Babek block with the affiliated company SOCAR-Umid," he added.
SOCAR-Umid will get contractors involved, he said.
SOCAR reported the discovery of the Umid field in 2010. The field's reserves are more than 200 billion cubic meters of gas and 40 million tons of condensate, according to SOCAR's estimates.
Reserves of the perspective Babek field may be 400 billion cubic meters of gas and 80 million tons of condensate.
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