SOCAR announces timeframe for Karabagh field launch

Oil&Gas Materials 7 October 2021 23:54 (UTC +04:00)
SOCAR announces timeframe for Karabagh field launch

BAKU, Azerbaijan, Oct.7

By Leman Zeynalova - Trend:

It is panned to commence production at Azerbaijan’s Karabagh field in 2025, Trend reports with reference to the state oil company SOCAR.

Drilling of KPS-4 appraisal well was completed in March 2020 with results being analyzed at the moment.

It is planned to drill 12 wells at a depth of 180 meters and build 20 deep seabed in the Karabagh field. Currently, the engineering work is underway.

Equinor continues to work with SOCAR to progress and mature the Karabagh project, and this includes detailing a possible development solution. A joint venture for the Karabagh field has been established and Equinor and SOCAR each have a 50 percent share.

The Karabagh prospective structure was identified in 1959 as a result of seismic surveys. It was specified in 1984 and its oil and gas reserves were confirmed in 1997-1998 through exploration drilling. The oilfield is located 120 km east of Baku, at a depth of 150-200 meters in the open sea.

The consortium operated by Caspian International Petroleum Company (CIPCO) drilled three exploration wells in the Karabagh PSA signed in 1995: two wells found gas in the southeast portion of the structure and the third well indicated presence of oil in the western part of the structure. In 1999, the PSA was terminated due to the non-commercial discovery.

In May 2018, SOCAR Karabagh and Equinor signed a Risk Service Agreement related to development of Karabagh Oil Field in the Azerbaijan Sector of Caspian Sea. According to the agreement, they hold equal shares.