Slump of world oil prices to a certain extent affected the companies’ desire to invest into the new projects, SOCAR President Rovnag Abdullayev told journalists.
He said international oil and gas companies have submitted the proposals to SOCAR on development of Umid gas condensate field and the perspective field Babak as a single bloc in the Azerbaijani sector of the Caspian Sea.
“We are not in a hurry to make a decision. Drilling of wells and gas extraction on the Umid field is not stopping. We have recently started drilling of the fourth well,” said SOCAR President.
Abdullayev said earlier that SOCAR is expecting a proposal on a joint development of Umid-Babak bloc from 12 big transnational companies. The work on the above-mentioned fields as a single bloc demands a complex technical development program, underwater development and a big volume of investments. Therefore, SOCAR has decided to involve big companies as partners of development of the bloc. The form of the contract will depend on the proposals, because SOCAR does not have complex technologies for underwater development.
Daily production rate of the two wells on Umid field varies between 1.1 and 1.5 million cub.m. of gas. Total volume of gas resources on the fields is estimated at 200 billion cub.m.
SOCAR announced discovery of Umid field in November 2010. However, extraction on the field started in September 2012.
Umid field is located 75 km away from Baku and 40 km away from the shore.—0—
Economics
-
The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
-
The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
-
The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
-
Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
Leave a review