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Tuesday, 02 May 2017 15:00

Investors can join in Risk Service Contract Featured

Today Milli Majlis of Azerbaijan has approved Risk Service Contract on exploration and development of Umid gas field and promising Babek structure in the Azeri sector of the Caspian Sea. The contract was signed by State Oil Company of Azerbaijan (SOCAR) and SOCAR Umid Oil and Gas Limited.

Risk Service Contract on Umid-Babek will then be submitted to President of Azerbaijan for approval.  “The agreement on exploration and development of Umid gas field and promising structure Babek in the Azeri sector of the Caspian Sea” signed between SOCAR Umid Oil and Gas Limited and Umid, Babek Exploration&Production is also annexed to the contract.

As SOCAR President Rovnag Abdullayev told media earlier, “there is a long-term program on development of Umid-Babek field which will make Umid capable of yielding up to 5 bcm of gas per annum. As far as Babek is concerned, the drilling work yet has to be carried out there. According him, the project will be presented to financial institutions and foreign companies while interested sides will be able to further join in its financing.  Reserves of Umid are estimated at over 200 bcm of gas and 40 mln tonnes of condensate.

Reserves of the promising structure Babek can total up to 400bcm of gas and 80 mln tonnes of condensate, Caspian Energy News ( reports with reference to the press statement of Milli Majlis of the Republic of Azerbaijan.

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Person in charge of the newsline: Fidan Isayeva 

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