Azerbaijan, Baku, April 18/Trend, E. Ismailov
The State Oil Company of Azerbaijan (SOCAR) estimates reserves of seven promising fields in the Azerbaijani national sector of the Caspian at 2.7 trillion cubic meters of natural gas and 395 million tons of condensate, said Khoshbakht Yusifzadeh, SOCAR First Vice-President responsible for geology, geophysics and field development. The report was made at the 5th Caspian Oil & Gas Trading & Transportation Conference.
Of these seven fields, Araz-Alov-Sharg is forecasted to have the biggest reserve. The field's reserves are estimated at 700 billion cubic meters of gas and 90 million tons of gas condensate.
The Araz-Alov-Sharg Production Sharing Agreement (PSA) has already been concluded. The PSA shareholders are BP (15 percent as the operator), Norway's Statoil (15 percent), US ExxonMobil (15 percent), Turkey's TPAO (10 percent), Canada's Alberta Energy (5 percent), and the SOCAR (40 percent).
The works at Araz-Alov-Sharg have been suspended until Azerbaijan and Iran find out whom this disputable field belongs to.
The reserves of field Asiman-Shafag are estimated at 500 billion cubic meters of gas and 65 million tons of condensate.
Fields Shafag and Asiman are located 125 kilometers southeast of Baku at sea depth of 650-800 meters and have the designed depth of 7,000 meters.
The SOCAR and BP signed the PSA for a period of 30 years. The exploration period is 4 years with possible prolongation for another 3 years. The first stage of exploration works envisions drilling of two wells. The second one assumes drilling of two more wells, if necessary. As the sides go over to the production stage, they will operate the project jointly. The two companies hold equal interests in the project.
The structure's reserves are estimated at 300 billion to 500 billion cubic meters of gas.
Exploration well is being drilled at the structure: the drilling works are likely to end before the end of the year.
Field Absheron is another promising structure being implemented under PSA. The field's reserves are estimated at 300 billion cubic meters of gas and 45 million tons of condensate.
Absheron project Participants includes SOCAR (State Oil Company of Azerbaijan) - 40 percent, the French company Total - 40 percent and Gaz De France Suez - 20 percent. The contract on the Absheron field signed Feb. 27, 2009 between SOCAR and Total. Later Total sold 20 percent of its equity participation in the contract to the company Gaz De France Suez.
In March, the SOCAR and Germany's RWE signed a Memorandum on structure Nakhchivan. Reserves of this structure are estimated at 300 billion cubic meters of gas and 38 million tons of condensate.
As for the rest promising structures, SOCAR geologists point out to structure Zafar-Mashal. Its reserves are estimated at 300 billion cubic meters of gas and 37 million tons of gas condensate. U.S. ConocoPhillips currently displays its interest in work at the structure.
The SOCAR drilled the first exploration well at field Umid without assistance last year. The field's reserves are estimated at 200 billion cubic meters of gas and 40 million tons of condensate.
The reserves of field Babek are estimated by SOCAR geologists at 400 billion cubic meters of gas and 80 million tons of condensate.