BAKU, Azerbaijan, November 17. We plan to finalize the full-scale work program at Azerbaijan's Karabakh field by the end of the year, bp's Vice President for the Caspian Region Bakhtiyar Aslanbayli told media, Trend reports.
According to him, after the program is finalized, seismic surveys will begin next year.
He further explained that, following the seismic assessments next year, specific concepts and plans for the future development of the field will be announced. Upon approval of the development concept for the Karabakh field, both oil and gas production will commence, he added.
The Karabakh oil field is situated 120 km east of Baku, approximately 20-25 km from the Caspian Gunashli field, at a depth of 150-200 meters. The Ashrafi-Dan Ulduzu-Aypara structure is located 90-110 km northeast of Baku, at a depth of 80-180 meters.
On May 31, 2018, SOCAR and Equinor signed a Production Sharing Agreement (PSA) for the exploration and development of the Ashrafi-Dan Ulduzu-Aypara prospective structures block, alongside a Risk Service Contract for the Karabakh field's development. The two companies established an operating joint venture on an equal basis to carry out the project. However, in December 2023, Equinor divested its 50 percent stake in these projects to SOCAR, with the transaction officially concluded on April 24, 2024.
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