TODAY.AZ / Business

Equinor, SOCAR mull development of Karabakh field

14 June 2019 [17:29] - TODAY.AZ

By Trend

In July, Azerbaijan’s state oil company SOCAR and its partner on exploration and development of the Karabakh field will familiarize themselves with the progress of work on the reconstruction of the drilling rig, which will be used at an evaluation exploratory well at the field, Trend reports with reference to SOCAR.

They will also familiarize themselves with the progress on creating future infrastructure at the Karabakh field, including the future production platform, according to the report.

The report says that after the completion of all coordinator actions, the parties will proceed to installing the platform at sea.

During the meeting by SOCAR President Rovnag Abdullayev with Equinor Senior Vice President Carri Lockhart, the work that has been carried out so far on the project was discussed.

On March 13, Azerbaijan’s Caspian Drilling Company Ltd. (CDC) and Norwegian Equinor Azerbaijan Karabakh BV (Equinor) signed a contract for the drilling services at Karabakh field of Azerbaijan.

In accordance with the contract, CDC will drill for Equinor two wells on the Karabakh oilfield, where Equinor serves as project Operator for Karabakh field development with participation of Azerbaijan’s state oil company SOCAR. Equinor and SOCAR each holds 50 percent stake in the project.

Equinor also signed with SOCAR a contract on exploration and future production sharing for the Ashrafi-Dan Ulduzu-Aypara (ADUA) exploration area.

The Karabakh oil and gas field, discovered in 2000, is located 130 kilometers to the east of Baku. The sea depth in the field varies in the range of 250-450 meters. The initial oil reserves of the field are estimated at 100 million tons.


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