SOCAR Considers Option of Accelerated Development of Offshore Fields
The State Oil Company of Azerbaijan and the Norwegian Equinor may revise the development plan for the development of the Karabakh field in the Azerbaijani sector of the Caspian Sea.
On March 16, SOCAR President Rovnag Abdullayev held a meeting with Equinor Vice President for Field Development and International Production Al Kuk. Development of the Karabakh field was discussed at the meeting, SOCAR said in a statement.
During the meeting, it was noted that the positive results obtained at new promising structures may make it necessary to revise the development program of the Karabakh project.
“For this, the joint working group of SOCAR and Equinor in the coming weeks will discuss various options for continuing the project, as well as the possibility of synergy between the development of this field and the development of other fields that may be discovered,” the information says.
In addition, it was emphasized at the meeting that Equinor plans to develop operations in Azerbaijan.
SOCAR and Equinor signed a Risk Service Contract in Baku on May 31, 2018 for the development of the Karabakh field. To implement the project, SOCAR and Equinor created an operating company on parity shares (50% to 50%).
The recoverable reserves of the field are estimated at over 21 million tons of oil and 13 billion cubic meters of gas.
Production of the first oil from the field is planned to begin in the 4th quarter of 2022, and production of the first gas in 2023.
The primary development project of the Karabakh field provides for the drilling of 12 wells – 6 oil wells, 3 gas wells and 3 water injection wells.
The Karabakh field is located 120 km east of Baku. The depth of the sea in the area of the field is 180 meters.