BAKU, Azerbaijan, June 6. The Nakhchivan field, situated on the Azerbaijani Caspian shelf, boasts greater hydrocarbon reserves than previously estimated, Vice President of the State Oil Company of Azerbaijan Republic (SOCAR) Arzu Cavadova said during the "Exploration and Production Opportunities in the Caspian Region" panel at the 29th Baku Energy Forum, Trend reports.
"Recently, SOCAR conducted a fresh evaluation of Nakhchivan's resources, revealing reserves two to three times greater than previously estimated," she emphasized.
To note, in 2001, following the drilling of the first exploration well by Exxon in this region, SOCAR's US partner announced that the reserves were not commercially viable. However, SOCAR specialists believe that the estimated reserves of the Nakhchivan structure amount to approximately 300 billion cubic meters of gas and 38 million tons of gas condensate.
The Nakhchivan field lies in the Caspian Sea, situated approximately 85–100 km south of Baku, towards the Kura river.
The vice president noted that this region falls within the southern hydrocarbon cluster in the Caspian Sea, where gas condensate reserves like Umid, Babek, and Zafar-Mashal are also located, indicating areas rich in both gas and condensate.
To note, over 600 delegates are participating in the forum, which began on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
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