Azerbaijan, Baku, Oct. 9 /Trend E.Ismayilov/
Next year SOCAR and Caspian Geophysical are going to sign a contract to hold a threefold seismic research operation at the Oguz perspective structure in the Azerbaijani sector of the Caspian Sea, an oil and gas market source noted on Tuesday.
According to the source, the parties are negotiating on implementing a 3D seismic survey on the structure.
"This issue will be settled this year. In the case of reaching an agreement, the contract will be signed in 2013," the source noted.
If the parties sign the contract, seismic survey will be held from the Gilavar geophysical ship.
According to SOCAR geophysics and geology administration, engineering and geological work and in particular drilling on the Oguz structure are currently being carried out.
The PSA type contract covering the Oguz structure between SOCAR and American Exxon Mobil was signed on August 1 1997. The shares were distributed 50-50. However, due to lack of commercially attractive volumes of hydrocarbons, the contract was dissolved.
