SOCAR in talks with foreign partners on offshore gas project

Oil&Gas Materials 29 May 2018 21:40 (UTC +04:00)

Baku, Azerbaijan, May 29

By Maksim Tsurkov – Trend:

Azerbaijan's state oil company SOCAR is negotiating with three foreign oil and gas giants to develop the Umid-Babek offshore gas project in the Caspian Sea, a high ranking SOCAR representative told reporters on the sidelines of the 25th Caspian Oil & Gas Exhibition.

"France's Total, Britain's BP and Russia's Lukoil show interest in the Umid-Babek project. The company [SOCAR] is open to partnership and negotiates with each of them," SOCAR representative said.

SOCAR announced the discovery of Umid field in 2010.

A 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 Jan. 12, 2017.

According to SOCAR’s data and the results of drilling of the first exploration well, the field has over 200 billion cubic meters of gas and 40 million tons of condensate.

The Umid field is located 75 kilometers from Baku.

The reserves of the Babek structure may stand at 400 billion cubic meters of gas and 80 million tons of condensate, according to preliminary data.


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