The State Oil Company of Azerbaijan (SOCAR) has developed part of geological-geophysical survey on Block offshore field to present to Eurasia Energy Limited (former Pacific Alliance Ventures Ltd.), the company told Trend. Eurasia Energy Limited is currently involved in preparing an estimation of all materials and proper survey of data.
The Block includes the producing Alat-Deniz oil and gas field and a string of seven prospective exploration structures (Hamamdag-Deniz, Garasu, Sangi-Mugan, Ulfat, Aran-Deniz, Dashly and Sabayil) trending in a south-easterly direction from the coast to seventy kilometers offshore.
According to a SOCAR official, Eurasia Energy wants to develop a feasibility study of the future project and study the opportunities of its efficient development. Earlier the SOCAR and Eurasia Energy Limited signed a memorandum and the company had been authorized with excusive rights for conduct of talks on Bloc.
Eurasia Energy Limited attracted TRACS International Consultancy Ltd. as a consultant on oil engineering under the project.
Water depths are predominantly up to twenty meters and reach a maximum of fifty meters at the far end of the Block. The Alat-Deniz field was discovered in 1983 and to date has produced approximately 12.5 million barrels of oil and 1 billion cubic meters of gas. Remaining recoverable reserves from the Alat-Deniz field of 15 million barrels of oil and 1 billion cubic meters of gas. The main producing horizon is at 3,700-4,500 meters depth.