Azerbaijan prepares for exploration works in "Babak" structure

Baku. 1 June. REPORT.AZ/ Preparations for exploration works to be carried out in 2018 in "Babak" structure of Azerbaijan are underway.

Report informs, First Vice-President of the State Oil Company of Azerbaijan Republic (SOCAR) Khoshbakht Yusifzade said at today's International Caspian Oil and Gas Conference in Baku.

“Hydrocarbon reserves of "Umid" field estimated at 200 bln cum of gas and 40 mln tons of condensate. Currently, about 1 mln cum of gas and about 200 tons of condensate produced from exploration and production wells per day. Geological studies showed that this field is linked to "Babak" structure. Proposals have been prepared for joint development of structure and field, Risk Service Agreement was signed”, SOCAR official said.

Notably, Risk Service Agreement between the State Oil Company of the Azerbaijan Republic (SOCAR) and SOCAR Umid Oil&Gas Ltd for exploration and development of offshore block, including “Umid” field and “Babek” prospective structure in Azerbaijani sector of Caspian Sea and the Agreement between SOCAR Umid Oil&Gas Ltd and Umid, Babek Exploration&Production for conduction of oil and gas operations for exploration and development of offshore block, including “Umid” field and “Babek” prospective structure in Azerbaijani sector of Caspian Sea was signed on January 12, 2017 and approved by the Azerbaijani Parliament on May 2, 2017.