Baku. 6 June. REPORT. AZ/ Operations options for the "Karabakh" field in the Azerbaijani section of the Caspian Sea are currently considered depending on the results of the initial feasibility study in order to commission the field. The "Karabakh" field is expected to be put into operation in 2021.
Report informs, Dashgin Iskenderov, Director General of "Azneft" Production Union of the State Oil Company of Azerbaijan Republic (SOCAR) told in his interview with “Caspian Energy” magazine.
Notably, SOCAR First Vice-President Khoshbakht Yusifzade said at XXIV International "Caspian Oil and Gas" conference in Baku last week that according to the agreement signed between the State Oil Company of Azerbaijan Republic (SOCAR) and Statoil (Norway), the seismic data 3D on "Karabakh" processed and interpreted again, the field's oil reserves estimated on the basis of new indicators. SOCAR Vice-President for Geology and Geophysics Bahram Huseynov said at the conference that preparation for initial production in "Karabakh" field is underway.
In March of this year, Statoil presented a report to the Energy Minister on results of the studies regarding exploration and development of "Karabakh", "Ashrafi" and "Dan Ulduzu" fields. The Company Manager for Azerbaijan Karsten Stoltenberg stressed long-term cooperation opportunities related to the fields. He reminded that Statoil launched works on exploration of the mentioned 3 fields in 2012 and signing of an agreement with SOCAR in 2014 as well as stated achievement of significant results as a result of introduction of new technologies, compared to the researches in late 90s of the last century.
Drilling of wells in the area, conduction of 3D seismic exploration works, reveal of more producible and non-producible oil and gas reserves than initial indications also noted during presentation of the studies regarding exploration and development of "Karabakh", "Ashrafi" and "Dan Ulduzu" fields.