Arawak Energy, a participant in the project on the development of the South-West Gobustan field in Azerbaijan, announced that the estimated reserves of the contract area is 4,331 mln barrels and the estimated and expected crude reserves are estimated at 17.13 mln barrels,Trendreports.
The company announced that the major portion of reserves in the South Gobustan field was from the Coastal Block at 97.7%, while the Central block holds 2% and the Northern block 0.3%.
The depth of hydrocarbon stratums varies from 250 metres to 4,500 meters. The depth of the stratums in the Northern Block is 250 meters and the Coastal Block is 4,500 meters.
Gobustan Operating Company (GOC) has developed Southwest Gobustan under the Production Sharing Agreement with SOCAR. The Company began selling free gas in February 2006. In GOC 80% of the stock belongs to Commonwealth Gobustan Limited and 20% to SOCAR. In Commonwealth Gobustan Limited 37.17% belongs to Arawak Energy and 62.83% to China National Petroleum Company.
