Azernews.Az

By Aynur Jafarova

Azerbaijan’s state energy company SOCAR plans to consider all proposals that will be presented by large multinational companies on the joint development of Umid gas condensate field and Babek perspective structure in the Azerbaijani sector of the Caspian Sea in March 2015.

“Companies have prepared their proposals and we will consider them in March 2015,” SOCAR Head Rovnag Abdullayev told journalists on December 8.

SOCAR announced the discovery of the Umid field in 2010. The results of drilling of the first exploration well showed that the reserves of the field hit over 200 billion cubic meters of gas and 40 million metric tons of condensate.

The daily debit of two wells in the Umid field ranges from 1.1-1.5 million cubic meters of gas.

The Umid field is located 75 kilometers from Baku, 40 kilometers away from the coast. The first geophysical work was carried out there in 1953.

Operations were also conducted in 1972 using modern methods. Nine wells were drilled there from 1977 to 1992, without any results.

According to preliminary data, the reserves of Babek perspective structure may amount to 400 billion cubic meters of gas and 80 million metric tons of condensate.

Azerbaijan’s energy giant SOCAR, which is keen on expanding operations in the retail oil products market abroad, is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in the domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan.