Time-frame for launching drilling operation at Azerbaijan's Karabakh field announced

Oil&Gas Materials 7 March 2019 16:12 (UTC +04:00)

Baku, Azerbaijan, March 7

By Heyraddin Nasirzade – Trend:

The first oil well is planned to be drilled at Azerbaijan’s Karabakh field in the first half of 2019, Trend reports referring to the report of the Azerbaijani Cabinet of Ministers for 2018.

According to the report, the first oil is planned to be extracted at the Karabakh field in 2021. The Norwegian company Equinor together with the Azerbaijani state oil company SOCAR will develop the plans for holding exploration operations at the Azerbaijani fields.

SOCAR and Equinor inked two agreements in 2018, namely, a risk-service agreement and a production sharing agreement.

The agreements envisage a 50/50 share distribution.

The Karabakh oil and gas field, discovered in 2000, is located 130 kilometers to the east of Baku. The sea depth in the field varies in the range of 250-450 meters. The initial oil reserves of the field are estimated at 100 million tons.

The recoverable reserves of the Karabakh field are estimated at 16 million tons of oil and 28 billion cubic meters of gas. The sea depth in the area of the field is 180 meters.