Azerbaijan, Baku / Trend corr S. Aliyev / The State Oil Company of Azerbaijan Republic (SOCAR) is building a platform for the development and drilling of wells in the Karabakh gas-condensate offshore field, according to SOCAR. Twelve exploitation wells are planned to be drilled from the platform.
According to preliminary estimations, the cost of setting up the platform in Karabakh will cost SOCAR $80mln. An additional $100mln is required for drilling. The volume of reserves in the field is preliminary assessed in at least 10mln tons of oil and 6bln cu m of gas.
Given the current oil prices, expenditure will be repaid very quickly, according to SOCAR. The platform will be set up 180m below the surface.
SOCAR is also carrying out the work on the restoration of exploration in such prospective fields as Babek, Umid and Nakhchivan. In accordance with the program on the development of oil and gas complex in Azerbaijan in 2005 - 2015, exploration work is to be restored in Umid and Babek in 2008. The fields are situated in a deep part of the sea. Under the program, it is planned to complete the exploration and prepare Ashrafi and Karabakh fields for exploitation in 2006-2008. Both fields are to be involved into development within 2008-2010.