SOCAR to receive over 600M manats to finance work at oilfields in Azerbaijan

SOCAR to receive over 600M manats to finance work at oilfields in Azerbaijan

Baku, Azerbaijan, June 13

By Azad Hasanli - Trend:

The government of Azerbaijan will allocate 963.2 million manats to state company SOCAR, for financing work on a number of fields and to support “Azerenerji”, said the amendments to the draft law "on the state budget for 2018", submitted to the National Mejlis (Parliament) of Azerbaijan.

As was noted, 663.2 million manats will be used to increase the authorized capital of SOCAR, which will direct these funds to finance drilling operations at the fields of "Umid", "Karabakh" and "Babek".

The remaining funds (300 million manats) will be allocated to subsidize Azerenerji.

Besides, in addition to these funds, Azerenerji will receive 81.4 million manats to cover its obligations to the Finnish company Wartsila as part of the purchase of equipment for the thermal power plant near the Sangachal power plant and the provision of technical support in this regard.

Earlier, SOCAR Vice President for Geology and Geophysics Bahram Huseynov said that the company is on the eve of a new stage of work on the fields of "Karabakh" and "Umid". In the near future, the preliminary detailed designing phase will start in these fields. Also, the designing of drilling of the first exploration well continues on the Babek structure.

Oil reserves at the Karabakh field are estimated at 100 million tons, and the hydrocarbon reserves at Umid field are estimated at over 200 billion cubic meters of gas and 40 million tons of condensate, and at Babek field - 80 billion cubic meters of gas and 400 million tons of gas condensate.

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Follow the author on Twitter: @AzadHasanli

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