Azerbaijan, Baku, Sept.9 / Trend, E. Ismayilov /
Caspian Geophysical will begin 3D geophysical studies on the "Shafag-Asiman" prospective block in the Azerbaijani sector of the Caspian Sea in the scheduled term - Sept. 15, a source in oil and gas market said. The Gilavar ship will carry out geophysical studies. The ship is now preparing for starting work.
"At present, preparation for operations is underway, which are scheduled for Sept.15," the source said.
He said operations will begin no later than the contracted dates.
The offshore research may take about two months. Afterwards, the company will conduct an analysis and interpretation of data.
The projected reserves of Shafag Asiman are 500 billion cubic meters of gas and 65 million tons of condensate, SOCAR First Vice-President Khoshbakht Yusifzade said earlier.
According to the contract, BP has taken on greater responsibility for the work on this block because it is located at a water depth of 750 meters. The depth of exploratory wells will be 7,000 meters.
BP-Azerebaijan and Caspian Geophysical signed a contract to carry out 3D-seismic in May.
Since 2005, the Gilavar ship has conducted works outside the Caspian Sea for such major energy companies as BP, Shell, Maersk, Petrobras.
The SOCAR and BP signed the PSA on "Shafag-Asiman" 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.
"Shafag" and "Asiman" structures are located 125 kilometers to the south-east of Baku. SOCAR and BP signed a memorandum on "Mutual understanding" on the joint exploration and development of "Shafag" and "Asiman" in London in July 2009. Exploration work has not been conducted on the block before.
