Volume of gas and condensate extracted from "Umid" field unveiled

Baku. 19 September. REPORT.AZ/ Totally, 1,517 bln cubic meters of gas and 237,000 tons of condensate have been produced from 'Umid' gas-condensate field since beginning of the development in Azerbaijan (2012).

Report informs, First Vice President of the State Oil Company of Azerbaijan Republic (SOCAR), Khoshbakht Yusifzade told official media.

SOCAR official noted that wells No.10 and No.14 are currently operating in this field. According to him, within the framework of the Umid field development at present, work is underway on installation of 4 new bases, as well on drilling of 19 wells there.

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

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 (Milli Majlis) on May 2.