EXPLORATION WORK IN BABAK FIELD MIGHT BE RESTORED NO SOONER THAN 2006
The Ministry of Industry and Energy (MIE) doubts in the continuation of exploration work in Babak field this year, the Ministry told Trend.
"The State Oil Company of Azerbaijan (SOCAR) is eager to carry out researches by the end of the year, while it is necessary to attract vessels and rigs to the area. At present the rigs are working in lease for some foreign companies and they are less probable to get released by late this year. So, the exploration work in the field still start no sooner than 2006," the same source said.
The SOCAR will drill an exploration well on Babak with the project depth of 6,200 meters in the water depth of 425 meters in the drilling point. The drilling work is one of SOCARвЂ™s priority plans.
As of some data, hydrocarbon reserves on Babak field might comprise more than 300 million tons in oil equivalent.