Next year, the State Oil Company of Azerbaijan (SOCAR) intends to begin the development of the Karabakh field, at its own expense, Khoshbakht Yusifzade, First Vice- President of SOCAR for Geology, Geophysics and Field Development, said in his interview with AzTV channel, Trend reports.
It is intending to install a platform and begin drilling wells in this field.
Previously foreign companies operated here, but they did not take an interest in the field as at that time it was not cost-effective from an economical point of view, he stressed.
According to Yusifzade, with the present oil prices being what they are, the field may prove to be of interest for development by SOCAR. Foreign companies have taken interest in such fields, but SOCAR intends to develop them independently.
Presently the Project Institute Khazdanneftgaz is carrying out the project work. After allocating nearly $100 million to the construction of a platform and spending the same amount on drilling, Azerbaijan may, without reference to the oil prices, obtain more than $1 billion from the development of these fields.