Baku, Azerbaijan, Sept. 19
By Maksim Tsurkov – Trend:
Nearly 1.52 billion cubic meters of gas were produced since the beginning of development of Umid gas field in the Azerbaijani sector of the Caspian Sea in 2011, Khoshbakht Yusifzade, first vice-president of Azerbaijan’s state oil company SOCAR, said in an article, published in the country’s Respublika newspaper, Sept. 19.
SOCAR has been extracting gas at Umid field at its own expense.
"During the reporting period, gas condensate production at Umid field amounted to 237,000 tons," Yusifzade said.
He added that gas is being produced at Umid field from two wells, #10 and #14.
"Currently, the work is underway to install four new platforms to drill 19 production wells within the development of Umid field," the article says.
The risk service contract (a contract with a minimum guarantee of compensation) for exploration and development of an offshore block including the Umid gas field and the promising Babek structure in the Caspian Sea was signed between SOCAR and SOCAR Umid Oil and Gas Ltd on January 12, 2017.
SOCAR announced the opening of Umid field in 2010. According to the results of drilling of the first exploration well, the volume of the field reserves reach over 200 billion cubic meters of gas and 40 million tons of condensate.
Umid field is located 75 kilometers from Baku.