BAKU, Azerbaijan, May 1
By Fidan Babayeva - Trend:
BP published this week a report on preparations ongoing in the Shallow Water Absheron Peninsula (SWAP) area for drilling exploration wells in three prospective areas, Trend reports.
"The Environmental and Socio-economic Impact Assessment (ESIA) for the first SWAP well was disclosed in August 2020. Following public discussions the document was approved by the government in January 2021 providing permission to commence drilling activities in 2021," said the report.
"On the Shafag-Asiman offshore block, the drilling of the first exploration well was completed in March 2021 to a depth of 7,189 metres. The well encountered gas condensate resource in the penetrated reservoirs," the report noted. "However, the resource will need further evaluation and therefore it was decided to suspend the well to allow the evaluation of its results and the planning of the next steps for appraisal, potentially including a sidetrack appraisal well."
Besides, this week JOCAP, the Joint Operating company of the Absheron field on behalf of Contractor Parties SOCAR Absheron and TOTAL E&P Absheron BV, said that the topsides modules of EPS Platform for Absheron field project are under fabrication in BOS Shelf yard.
According to JOCAP, most parts of the structures are assembled and ready for paint activities.
"Later equipment and piping will be installed. Regarding the bridge elements, piping insulation works are ongoing and they will be ready for installation in May," said the company.
Furthermore, in the outgoing week, ICGB AD project company said that despite the delay and reduced pace of construction activities, the Greece-Bulgaria Gas Interconnection project is in an irreversible phase and according to the Contractor's forecast, the site should be commissioned by the end of 2021.
"Initially, the IGB project is targeted with an implementation deadline - the end of 2020, but due to extended procedures for appealing the decisions for selection of a contractor under the Contract for production and supply of pipes, as well as due to the need to provide the total funding, which was accomplished only with the signing of contracts on 10.10.2019, the construction was awarded in October 2019 with an execution deadline 28.04.2021," noted the company.
Year to date February 2021 there is a reported delay compared to the originally agreed deadline for completion of the site, which is mainly due to the state of emergency in Bulgaria, reflecting the spread of COVID-19 pandemic.
Besides, this week the JP Morgan Bank forecasted Azerbaijan’s crude oil production to stand at 638,000 barrels per day in 2022, as compared to 618,000 barrels per day as of 2021.
The country’s quarterly crude production in 2022 is estimated as follows: 641,000 bpd in Q1, 640,000 bpd in Q2, 637,000 bpd in Q3 and 634,000 bpd in Q4.
JP Morgan’s report also said that Azerbaijan will produce 642,000 bpd in January 2022, 643,000 bpd in February, 638,000 bpd in March, 643,000 bpd in April, 636,000 bpd in May, 640,000 bpd in June, 638,000 bdp in July, 636,000 bpd in August, 639,000 bpd in September, 631,000 bpd in October, 634,000 November and 635,000 bpd in December.
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