Production sharing agreement to be signed on Umid project

Views: 232

umid2State Oil Company of Azerbaijan (SOCAR) has decided to continue development of offshore gas condensate field Umid on the basis of production sharing agreement (PSA).

Umid field was discovered in November 2010 by SOCAR. In September 2012 development of the field started. At present three wells have been drilled from the Umid-1 platform, but only two ones are currently in operation, which give SOCAR about 1.3-1.35 million cub.m. of tank gas a day.

The field is being developed by SOCAR Umid joint venture (JV), which was established specially for this purpose. SOCAR has 80% share in JV and 20% is owned by Novel Oil company.

Umid field is located 75 km away from Baku and 40 km away from the shore.

Comments: 0

Your email address will not be published. Required fields are marked with *


Your Cart