Nobel Upstream eyes to continue work in Azerbaijan – source

Oil&Gas Materials 20 June 2017 16:32 (UTC +04:00)

Baku, Azerbaijan, June 20

By Maksim Tsurkov – Trend:

Nobel Upstream plans to continue work in Azerbaijan in three basic areas, a source in the company told Trend.

Despite the decline in oil prices in the last two years, the company does not intend to reduce its activity in Azerbaijan, according to the source.

“The company selected three basic areas for future activities in Azerbaijan. Firstly, Nobel Upstream will work with the Azerbaijani state oil company SOCAR for optimizing further development of the Umid-Babek block of gas fields under the recently signed risk-service contract. Secondly, the company intends to continue onshore exploration both with SOCAR and other partners.”

Another important area will be continuation of the work to upgrade outdated oil fields, according to the source.

“The purpose of these tasks is to identify opportunities for further development of outdated fields using technology that can pinpoint additional oil reserves,” the source said.

Nobel Upstream is a privately held independent exploration and production company engaged in oil and natural gas projects. The company has its headquarters in London with technical and commercial teams based in Baku, Azerbaijan and Houston, the US. Nobel Upstream has active projects in Azerbaijan and North America, and continues to seek investment opportunities in these and other countries.