SOCAR Awaits Favorable Weather to Start Geophysical Studies in Caspian Sea
Friday, April 22, 2011
Knight Ridder/Tribune Business News
by E.Ismayilov, Trend News Agency, Baku, Azerbaijan
The State Oil Company of the Azerbaijan Republic (SOCAR) waits for the normalization of weather conditions to launch a large-scale project within the two-dimensional geophysical studies for the company Bahar Energy Limited, a source at SOCAR said.
The operations envisage conducting the geophysical research on the area between the Bahar-2 prospective structure and the Gum Deniz field.
The source said that sonar work has already been launched in the contract area. Preparations are underway for direct geophysical studies.
"Preparatory work is underway. Winds on the sea do not allow operation in normal mode, and the study will be initiated as soon as weather becomes normal," the source said.
Previously, SOCAR signed a PSA contract with the company Bahar Energy Limited for the exploration, rehabilitation, development and production on the block, which also includes offshore fields of Bahar and Gum Deniz. The contract was ratified by the Azerbaijani Parliament.
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.
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