Azerbaijan, Baku /corr. Trend S.Aliyev / Representatives of the Korean National Oil Corporation (KNOC) and the State Oil Company of Azerbaijan (SOCAR) held an exchange of opinion on the Inam field development project. SOCAR announced that currently it is waiting for further proposals on the project from the Korean company.
Proposals made on the Inam field did not suit Azerbaijan. In particular, some commercial principles on the proposals by Korea were unacceptable to SOCAR. were unacceptable to SOCAR.
SOCAR says that it could sell part of its stake in the Inam project to KNOC should favorable proposals be made.
Korea intends to purchase 20% from SOCAR's 50% stock in this project. Apart from SOCAR, participating in this project are ВР with 25% and Shell with 25%.
The Korean oil company officially said Korean specialists had estimated the technical data and suggested oil reserves at Inam to be quite high, although there is a possible high-risk factor. Therefore, KNOC requested that SOCAR formulate a reserve re-estimation of this field.
There are plans for a second exploration well on Inam most likely in June. INX-2 drilling will use the Istiglal rig and therefore the actual timing of the commencement of drilling activities will depend upon when the work on Shah Deniz SDX-4 well is completed, including analysis of the data.
The first well on the field was liquidated due to problems caused by abnormally high pressures.