By the end of the year State Oil Company of Azerbaijan (SOCAR) plans to coordinate major commercial principles of Eurasia Energy Limited, a British company under the perspectives for conclusion of Exploration, Rehabilitation, Development and Production Sharing Agreement ("ERDPSA") on Alat-Daniz field, Trend reports.
The efficiency term of a Memorandum of Intention between SOCAR and Eurasia Energy is nearing to end. The SOCAR has provided Eurasia Energy with geological-geophysical materials on Alat-Daniz Offshore Field and the company conducts study for the estimation of economic constituent of the project.
The Block includes the production of Alyat-Deniz oil and gas field and a string of seven prospective exploration structures (Hamamdag-Deniz, Garasu, Sangi-Mugan, Ulfat, Aran-Deniz, Dashly and Sabayil) moving in a south-easterly direction from the coast to seventy kilometres offshore.
TRACS has assigned a full technical team to advise and consult with management of the project.
Water depths are predominantly up to twenty metres and reach a maximum of fifty metres at the far end of the Block. The Aylat-Deniz field was discovered in 1983 and until mid-2006 had produced approximately 12.5 million barrels of oil and 1 billion cubic metres of gas.
According to SOCAR, the remainder of recoverable oil reserves at Alyat Daniz comprises of 14 million barrels of oil and 1 billion cu. m. of gas. The major productive zones lie at a depth of 3700-4500m.