BP-Azerbaijan company is interested in the schedule of use of SOCAR’s new sixth generation semi-submersible drilling rig, which will be put into operation in early quarter 2, 2016, a source from SOCAR told TURAN.
However, BP’s interest in this unique drilling rig is not connected with the current projects, SOCAR explained.
The drilling rig, which will be able to drill wells on the sea depth of 1000 meters and up to 9,000 meters deep with high bed pressure will most likely be used for the exploration and evaluation drilling on the Absheron field (operated by Total), on the deep-water fields Shafag-Asiman (operated by BP) and on Babak field (the tender was invited earlier, but the winner has not been selected yet).
In about 10 years by 2027 BP-Azerbaijan company would like to use the drilling rig during implementation of the Shah Deniz 3 gas project.
According to the preliminary information, gas extraction within this project must start in 2031-2032.
The Shah Deniz project partners need this project for two reasons: first of all, it will guarantee stable gas supplies to the consumers during the entire Shah Deniz-2 contract period (expires in 2045), secondly, it will allow extracting the remaining gas resources on the field (600 billion cub.m.).
In order to achieve this goal, BP and its partners will have to upgrade this drilling rig, because they will have to drill new wells in more difficult geological conditions.
* Giant gas condensate field Shah Deniz located in the Azerbaijani sector of the Caspian Sea (on the sea depth of up to 550 meters) was discovered in 1999. Its development started at the end of 2006 and currently over 72 bcm of gas and 16 million tons of condensate has been extracted. The extraction has been stabilized at about 10 bcm of gas and 2.3 million tons of condensate.
The resources of the Shah Deniz-1 project are estimated at 200 bcm, while of Shah Deniz-2 – 400 bcm. The geologists expect that the Shah Deniz-3 project will have the biggest gas beds (600 bcm of gas).—0--
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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