Production sharing agreement for D230 bloc exploration planned to be signed this autumn
In autumn 2016 SOCAR plans to sign the contract with BP to explore perspective bloc D-230, which is located 100 km away from the northeast of Baku, SOCAR President Rovnag Abdullayev told journalists.
“We hope to sign the document in the near future. By autumn 2016 we will prepare and sign the contract and by the end of the year we will start geological exploration works on the bloc,” he added.
Abdullayev said that no works have been done on the D230 bloc before and thus, there is no information if oil or gas could be discovered there.
“This unexplored area is located on the north of Azerbaijani sector of the Caspian Sea. BP has expressed a desire to invest capital and perform exploration works on this area and we have supported the company,” said SOCAR President.
D230 bloc covers the structure on the sea depth up to 300 meters with the depth of the productive bed between 3000 and 5000 meters.
SOCAR’s geologists told Turan’s correspondent that there are no structures or fields close to D230.—0—
Economics
-
Rovshan Najaf, President of the State Oil Company of Azerbaijan (SOCAR), and Oleg Korobchenko, Deputy Prime Minister and Minister of Industry and Trade of the Republic of Tatarstan, discussed cooperation and expressed satisfaction with the partnership between SOCAR and the Russian oil company Tatneft.
-
Azerbaijan’s drive to attract investment into its industrial and agricultural zones is gaining momentum, with the government registering 31 new resident companies across economic zones in 2023. The Economic Zones Development Agency (EZDA) also granted non-resident status to one company, marking a new phase in the country’s efforts to stimulate economic growth in post-conflict areas and beyond.
-
The State Oil Company of Azerbaijan (SOCAR) is stepping up its international expansion in upstream operations, marking a strategic shift in its global portfolio. The company’s recent acquisitions— a 10% stake in Israel’s Tamar gas field and a 3% share in the SARB and Umm Lulu offshore oil projects in Abu Dhabi—signal its growing ambitions beyond Azerbaijan’s borders.
-
BP plans to drill 19 wells at the Azeri-Chirag-Guneshli (ACG) oilfield block in 2025, maintaining its drilling activity at the same level as in 2024, a senior company executive said on Tuesday.
Leave a review