Socar announces cost of second Umid well
The cost of the second exploration well on the Umid field in the Azerbaijani sector of the Caspian Sea, which is being drilled by the state oil company Socar, is 64 million manats (over $82 million), the company said.
The depth is now at 3,100 meters, with the designed depth being 6,500 meters.
According to Socar specialists, the Umid field holds over 200 billion cubic meters of gas and 40 million tons of condensate.
The field is located 75 kilometers from the Azerbaijani capital Baku. In 1953 the first geophysical works were carried out at the field. The operations were resumed in 1972 with improvements. From 1977 to 1992, nine wells were drilled without result.
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