SOCAR completes feasibility study for Karabakh oil and gas field's development

Oil&Gas Materials 2 November 2017 18:28 (UTC +04:00)

Baku, Azerbaijan, Nov. 2

By Maksim Tsurkov – Trend:

Azerbaijani state oil company SOCAR has completed work on a feasibility study for developing the Karabakh oil and gas field in the Caspian Sea, an official with SOCAR told Trend.

SOCAR prepared a very specific plan for the field’s development, according to the official.

“For now, SOCAR has completed the feasibility study for the project, and it is now in the final stage of the concept approval, that is, pre-FEED. Approximately in the beginning of next year we will proceed to the design stage (FEED), and will directly get to the point of making a final investment decision,” the official said.

The Karabakh oil and gas field was discovered in 2000. Its initial oil reserves amount to 100 million tons.

SOCAR operates Karabakh field’s development. The company expects to receive the first output from this field in 2021.