SOCAR eyes to find oil in North Absheron Basin
Baku, Azerbaijan, June 2
By Maksim Tsurkov – Trend:
Azerbaijan’s state oil company SOCAR and BP are working to prepare a contract on exploring prospective sites at the block D230 in the North Absheron Basin in the Azerbaijani sector of the Caspian Sea, Khoshbakht Yusifzade, SOCAR first vice president, said.
He made the remarks during the 24th International Caspian Oil & Gas Conference 2017 in Baku June 2.
He recalled that SOCAR and BP signed a memorandum of understanding in May 2016 to jointly explore the prospects of the block D230 in the North Absheron Basin.
“The block occupies an area where the depth of the sea ranges from 150 to 700 meters,” Yusifzade said. “The productive layer of the block is located at a depth of 3,000-3,500 meters [underground].”
In turn, SOCAR Vice President for Geology and Geophysics Bahram Huseynov said that the block D230 is of great interest when it comes to revealing oil reserves, and no work was previously carried out there.
“We suppose there is an oil-bearing layer at the block, but we will know for sure when we drill the first exploration well,” Huseynov said.