First evaluation well in Karabakh field to be drilled in H1, 2018

Baku.19 September. REPORT.AZ/ The first evaluation well in the Karabakh field is planned to be drilled in the first half of 2019, SOCAR President Rovnag Abdullayev said at the ceremony dedicated to September 20 – the Day of Oilmen.

According to him, after detailed assessment the evaluation well will be drilled by Dede Gorgud floating semi-submersible drilling rig.

The SOCAR President noted that the first product is planned to be extracted in 2021.

The company president reminded that the initial agreement on Karabakh field was signed with Statoil (present Equinor) in December 2017 and the Risk Service Agreement on exploitation was signed in May.

According to the Risk Service Agreement, installation of the platform in the field and first production are planned for 2021. The two companies will establish a joint venture with 50-50 shares for the implementation of the project.

As a perspective sea structure, Karabakh was discovered in 1959 as a result of the seismic exploration and its reserves were estimated in 1984. The exploration drilling in 1997-1998 proved that the field has both oil and gas. Karabakh is an offshore oil and gas field in the Caspian Sea, located at a depth of 150-200 m, 120 km east of Baku, Azerbaijan.