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03.06.2016 14:10

SOCAR specifies plans on field Umid

The State Oil Company of Azerbaijan (SOCAR) has clarified the plans on field Umid in the Caspian Sea.

Today at Baku conference Caspian Oil&Gas 2016 SOCAR first vice president Khoshbakht Yusifzadeh has stated that it is planned construction and installation of four new platforms for the drilling of 19 production wells.

"Now production is carried out only from two wells, but the third well is under drilling. Since the beginning of development of Umid (from autumn 2011) this field has been produced nearly 1 bn cu m of gas and 153,000 tons of condensate," Yusifzadeh said.

The fields reserves were estimated at over 200 bn cu m of gas and 40 million tons of condensate.

The Umid field is located 75 km from Baku, 40 km from the shore. It is planned to sign a Risk Service Agreement type contract for its development.

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