BAKU, Azerbaijan, June 7. Oil production from Azerbaijan's Caspian Karabakh field may begin in the next three years, an informed source exclusively told Trend.
“SOCAR (State Oil Company of Azerbaijan) aims to commence production at Karabakh within the next two to three years. In order to address this matter, a fresh stationary platform can be utilized, with a focus on providing a comprehensive analysis. In addition, the close proximity to the Azeri-Chirag-Gunashli (ACG) field block and the existing pipeline infrastructure at the ACG will efficiently address the matter of transporting oil from Karabakh to the shore. Every crucial detail is being actively synchronized,” the source added.
To note, the Karabakh field was discovered in March 2020 by SOCAR and Equinor, with Equinor serving as the operator.
Up to this point, the Karabakh field has seen the drilling of three exploration wells and one appraisal well.
At present, the field is included in SOCAR's balance sheet following the departure of Equinor from the project. Equinor, a Norwegian company, has withdrawn from all production projects in Azerbaijan.
Based on initial assessments, the geological reserves of the Karabakh field in the Caspian Sea are estimated to be over 40 million tons of oil. Out of this, more than 21 million tons are considered to be recoverable resources.
With the start of the development of Karabakh, it can produce an average of 5,000 tons of oil and 4.5 million cubic meters of gas per day (SOCAR estimates).
