Azerbaijan, Baku, Feb. 14 / Trend E.Ismayilov/
Three-dimensional geophysical studies in the Umid field and the Babak perspective structure in the Azerbaijani sector of the Caspian Sea will begin in March, a source in the oil and gas market told Trend today.
"At present, a contract between SOCAR and Caspian Geophysical which will conduct the research is ready to be signed," the source said.
According to SOCAR specialists, the results of drilling the first exploratory well suggest the volume of reserves exceeds 200 billion cubic metres of gas and 40 million tons of condensate.
Umid is located 75 kilometres from Baku and 40 from the coast. Geophysical work undertaken for the first time in 1953 then re-started in 1972. It was then nine wells were drilled between1977 to 1992, neither of which produced results.
The perspective structure Babek is located not far from the Umid field. SOCAR has repeatedly stated it was going to carry out work there independently.
Estimated reserves of the Babak structure stand at 400 billion cubic metres of gas and 80 million tons of condensate.