Baku, Azerbaijan, April 23
By Emil Ismayilov - Trend:
The process of development of the Umid offshore gas condensate field in the Azerbaijani sector of the Caspian Sea, can be implemented under a production sharing agreement (PSA) in the near future, Suleyman Gasimov, Vice-President of the State Oil Company of Azerbaijan (SOCAR) on economic issues told journalists on April 23.
Currently, the field is developed by the SOCAR-Umid joint venture (JV) created for developing the Umid field, according to Gasimov.
SOCAR owns 80 percent share and the Nobel Oil company has 20 percent share in the JV.
There was also considered the possibility of development of the field under a service contract, according to the SOCAR vice-president.
Talking about the participation of the Nobel Oil company in the project, Gasimov stressed that risk sharing in the new field's development is necessary.
SOCAR announced the opening of the Umid field in 2010. The volume of the field reserves hit over 200 billion cubic meters of gas and 40 million tons of condensate according to the results of drilling of the first exploration well, SOCAR specialists said.
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 from 1977 to 1992 there, none of which gave results.
Translated by L.Z.
Edited by C.N.
