The State Oil Company of Azerbaijan (SOCAR) continuous three-dimensional geophysical exploration for Bahar Energy Limited on the area between the Bahar-2 perspective structure and Gum Deniz field in the Azerbaijani sector of the Caspian Sea, source at SOCAR said on Friday.
According to him, despite the fact that from time to time it becomes difficult to carry out research due to weather conditions, the work in this project continues.
Previously, SOCAR signed a PSA contract with Bahar Energy Limited for the exploration, rehabilitation, development and production on the block, which also includes offshore fields of Bahar and Gum Deniz.
Under the second part of the contract, which involves the exploration of the Bahar-2 structure, there are plans to drill one exploration well in three years. If necessary, another one will be drilled during the fourth year.
According to initial estimates, Bahar Energy Limited will invest $1 billion to conduct work under the contract.