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SOCAR agrees with foreign companies to search for promising structures in Caspian Sea

Oil&Gas Materials 19 September 2018 12:51 (UTC +04:00)
Azerbaijan’s state oil company SOCAR has reached agreements with a number of foreign companies on identification and initial exploration of promising structures in the Azerbaijani sector of the Caspian Sea
SOCAR agrees with foreign companies to search for promising structures in Caspian Sea

Baku, Azerbaijan, Sept. 19

By Ilkin Shafiyev - Trend:

Azerbaijan’s state oil company SOCAR has reached agreements with a number of foreign companies on identification and initial exploration of promising structures in the Azerbaijani sector of the Caspian Sea, SOCAR President Rovnag Abdullayev said Sept. 19.

He made the remarks at an event dedicated to the Oilman’s Day in Azerbaijan.

Speaking about the development of gas fields in Azerbaijan, he also noted that in 2020, drilling of a new well will start from the second platform of the Umid gas condensate field.

“The well will be commissioned in 2021,” the SOCAR president said.

SOCAR announced the discovery of the 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 first exploration drilling, the field has over 200 billion cubic meters of gas and 40 million tons of condensate.

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