Nobel Oil Exploration and Production has expressed willingness to work onshore of Azerbaijan, said Jeremy Khak, President Nobel Oil Exploration & Production, said yesterday at the Caspian Oil & Gas conference.
He said the company has both work experience and required technologies. The company has been extracting oil in Texas with the similar technologies.
President Nobel Oil said that with these technologies the company will be able to extract heavy or hard to extract oil from the Absheron fields. He believes that a new era of onshore oil development begins with the works planned in this field in Azerbaijan.
Azerbaijan has several fields with the extractability between 20% and 30%.
Right now Nobel Oil is involved in development of Umid offshore gas condensate field discovered in November 2010 jointly with SOCAR. It owns 20% in this project, while SOCAR – 80%. At present 200 tons of condensate and 1.5 million cub.m. of natural gas a day is extracted from this field.