"SOCAR-Umid" joins "Azneft" PU

Baku. 4 October. REPORT.AZ/ "Azneft" Production Union of the State Oil Company of Azerbaijan Republic (SOCAR) reshuffles.

Report informs citing the Ministry of Taxes.

According to information, Ministry of Justice has announced reorganization of "Azneft" PU registered in the Baku City Regional Department for the State Register of Legal Entities at 0103-P18-37925, dated June 16, 2003, after joining "SOCAR-Umid" LLC.

Notably, "SOCAR-Umid" LLC is engaged in the development of the Umid gas condensate field located in the Azerbaijani sector of the Caspian Sea.

"Umid” field is in 75 km south of Baku and 40 km from the land. It was discovered by SOCAR in 2010. This is the first field directly discovered by the company. According to initial estimates, hydrocarbon reserves of 'Umid' field is equal to 200 bln cubic meters of gas and 40 mln tons of condensate.