The State Oil Company of Azerbaijan (SOCAR) prepares to grant Eurasia Energy Limited, the former Pacific Alliance Ventures Ltd., with geophysical materials on a group of offshore fields Alat-Daniz, Hamamdagh-Daniz, Garasu, Sangi-Mughan, Ulfat, Aran-Daniz, Dashly and Sabayil. The block locates in shallow waters in approximately 70 km from Baku.
According to SOCAR, the data will be presented to Eurasia Energy Limited soon. We concluded a memorandum, temporarily empowering the Scotch Company to hold negotiations on the block, SOCAR noted.
Eurasia Energy Limited attracted TRACS International Consultancy Ltd as consultant on oil engineering within the project.
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.