SOCAR holds talks with foreign companies on rehabilitation of two offshore prospects

Oil&Gas Materials 8 December 2005 15:21 (UTC +04:00)

The State Oil Company of Azerbaijan (SOCAR) is in talks with the foreign companies on rehabilitation of the exploration work in the Babek and Umid fields, an official of the SOCAR told Tend.

Avoiding revealing the foreign companies he noted that they enter the top ten of world oil companies. “Concrete results on the issue can be achieved in the first quarter of 2006,” the same source underlined.

Touching upon the development of the Ashrafi and Dan Ulduzu prospects an official of the SOCAR said that the foreign companies take no interest in the facilities due to some reasons in particular, due to deepwater character of the field and unattractive amount of hydrocarbon reserves. “If oil prices grow twice in the world markets, then the development of the fields will be of great interest,” he underlined.

As of estimations the hydrocarbon reserves of Babek field might comprise over 300 million tons of oil.