Caspian Drilling Company, Equinor ink contract on Karabakh field

Oil&Gas Materials 14 March 2019 09:32 (UTC +04:00)

Baku, Azerbaijan, March 14

By Leman Zeynalova – Trend:

Azerbaijan’s Caspian Drilling Company Ltd. (CDC) and Norwegian Equinor Azerbaijan Karabakh BV (Equinor) have signed a contract for the drilling services at Karabakh field of Azerbaijan, CDC told Trend.

Reportedly, the contract was signed on March 13 from CDC side by its General Director Farid Akhundov and from Equinor by Country Manager Favad Guraishi.

“In accordance with the contract, CDC shall drill for Equinor two wells on the Karabakh oilfield, where Equinor serves as project Operator for Karabakh field development with participation of Azerbaijan’s state oil company SOCAR. Equinor and SOCAR each holds 50 percent stake in the project,” said CDC.

First well drilling shall commence upon completion of the reactivation of Dada Gorgud semisubmersible drilling rig, reactivation will take place on CDC marine base and will be conducted under the management of CDC experts, according to the company.

CDC said that the estimated reactivation completion and well spud date is end of the third quarter 2019.

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.


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