BAKU, Azerbaijan, Feb.18
By Leman Zeynalova – Trend
Work at Karabagh is currently suspended due to Covid-19, however, P&O Maritime Logistics looks forward to resuming its work here, the company told Trend.
“We are continuing to expand our work programme in Azerbaijan. Despite the challenges posed by the Covid-19 pandemic, we are successfully and safely operating our current fields and maintaining our partnerships with customers at Absheron, Azeri-Chirag-Deepwater Gunashli, Shah Deniz and Karabagh,” said the company.
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.
---
Follow the author on Twitter: @Lyaman_Zeyn