SOCAR decides location to install sea platform in 'Karabakh' field

Baku. 22 September. REPORT.AZ/ This year, State Oil Company of Azerbaijan Republic (SOCAR) has completed engineering exploration works at "Karabakh" field in the Azerbaijani sector of the Caspian Sea and identified location of the sea platform.

Report informs, Yashar Latifov, SOCAR Vice President for Field Development stated in the Iki Sahil newspaper's special edition dedicated to the Day of Oilmen.

According to him, currently the field's preliminary development draft is being prepared.

SOCAR Vice President said that it is planned to produce first oil and gas from the field in 2021.

"The works were restored towards development of "Karabakh" field, which discovered by CIPCO (Caspian International Petroleum Company) operating company in frames of the Production Sharing Agreement (PSA) signed in 1995. Joint studies with Statoil in 2016 revealed great potential of the field", Y. Latifov noted.