By fall the State Oil Company of Azerbaijan (SOCAR) intends to set up discussions over commercial terms of the Production Sharing Agreement (PSA) with the British company Eurasia Energy, the SOCAR told Trend.
The State Oil Company of Azerbaijan (SOCAR) has submitted materials on geological-geophysical survey on Block offshore field to present to Eurasia Energy Limited (former Pacific Alliance Ventures Ltd. Eurasia Energy Limited started study of materials for estimation of economic component of the project.
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.
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.