Eurasia Energy Limited, former Pacific Alliance Ventures Ltd., announced that it had attracted TRACS International Consultancy Ltd as a consultant on oil engineering within the project on exploration, rehabilitation and development of oil and gas block, Trend reports referring to a news release spread by Eurasia Energy Limited.
TRACS International Consultancy will work with the technical group of Eurasia Energy for direct development of the project. The technical group of Eurasia Energy works with the State Oil Company of Azerbaijan (SOCAR) to determine, calculate and estimate the existing geologic-geophysical materials of the block. The employees of the technical group of TRACS will start the work till late February 2006, the message says.
Earlier Eurasia Energy Limited and SOCAR signed a memo on mutual understanding, empowering the Scotch Company to hold negotiation on exploration, rehabilitation and development of the oil and gas block. The block includes fields Alat-Daniz, Hamamdag-Daniz, Garasu, Sangi-Mughan, ulfat, Aran-Daniz, Dashly and Sabail. The block locates in the shallow waters approximately in 70 km away from Baku.
The depth of the water on block comprises 20 meters and reaches 50 meters in the end of it. Alat-Daniz was opened in 1983. It has produced 12.5m barrels of oil and 1bn cu m of gas so far. According to SOCAR, the rest reserves on the Alat-Daniz field makes up 14m barrels of oil and 1bn cu m of gas. The main productive horizons are in the depth of 3,700-4,500 meters.