Baku, Azerbaijan, April 2
By Maksim Tsurkov - Trend:
British Nobel Upstream, which owns a 20-percent share in Azerbaijan's SOCAR Umid LLC, plans to take part in production sharing agreement (PSA) on the project to develop the block of Azerbaijani Umid-Babek gas fields.
SOCAR reported the discovery of the Umid field in 2010. The results of drilling of the first exploration well show that the volume of field's reserves is more than 200 billion cubic meters of gas and 40 million tons of condensate, according to SOCAR assessments.
Azerbaijan's state oil company SOCAR is currently conducting a close tender within the framework of Umid-Babek block's development, a source in the country's oil and gas market told Trend.
"Many large companies have submitted applications for the tender both as PSA participants and operators on development," said the source.
Nobel Upstream does not pretend for operatorship, noted the source adding that the company plans to keep participation in the project.
SOCAR has to define that which companies will take part in development and at this stage Nobel Upstream will decide on its further activity, said the source.
Reserves of perspective structure Babek may be 400 billion cubic meters of gas and 80 million tons of condensate, according to preliminary data.
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