Socar to start drilling new well at Umid gas field by mid-2012
Azerbaijan’s state energy company Socar will start drilling a new well at the major Umid gas condensate field in the Azerbaijani sector of the Caspian Sea by mid-2012, a source at the company told local news agency Trend on Monday.
The process of drilling the third well will start in May or June 2012, the source said.
"Work on drilling the second well has already completed, and after completion of development, drilling of the third well will start," it said.
The projected depth of the third well will be the same as the depth of the second one, i.e. 6,500 meters.
The Umid field's discovery was announced in 2010.
According to Socar, the results of drilling the first exploratory well suggest that the reserves exceed 200 billion cubic meters of gas and 40 million tons of condensate.
Umid is located 75 kilometers from the capital Baku, 40 miles from the Caspian coast. Geophysical work was first conducted there in 1953.
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