Finding new oil deposits around Absheron peninsula is possible

Baku. 2 June. REPORT.AZ/ There is a potential in exploration of reserves, deposits in northern side of Absheron peninsula, as well as in south-western side of Baku archipelago.

Report informs, Vice-President of the State Oil Company of Azerbaijan Republic (SOCAR) for Geology and Geophysics Bahram Huseynov said at the International Oil&Gas Conference in Baku.

According to him, at present the issue is studied together with number of companies. He noted that finding oil deposits in shallow waters of both northern and southern parts and transition zone is possible.

“SOCAR continues to work in direction of finding new oil fields. Works are conducted both onshore and offshore. It is also possible to find oil and gas deposits in shallow sectors and transit zones on which less seismic data is available. The works in shallow sectors of Absheron peninsula are conducted by BP. The information is currently processed. Locations of first and next wells are being determined”, SOCAR official told.

B. Huseynov added that "Karabakh", "Dan Ulduzu", "Ashrafli" structures are being revised: “There are number of structures, which were abandoned after drilling first wells. Production Sharing Agreement (PSA) was terminated. We have to revise, reassess all these structures, conduct new seismic works. Karabakh-Dan Ulduzu-Ashrafli block is one of such structures. In two of these three structures the oil was discovered, but PSA was canceled in 2002. After calculations, the reserves were considered as insufficient. At present, the issue was revised jointly with Statoil company and seismic data was processed again and reserves were re-estimated”.

According to him, preparation for initial production in "Karabakh" field is underway.