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Friday, 15 September 2017 12:30

Statoil president holds talks in Baku Featured

Statoil president holds talks in Baku

Presidents of Statoil and SOCAR, respectively, Lars Christian Bacher and Rovnag Abdullayev have held talks on the joint development of the Dan Ulduzu and Ashrafi fields, and on Karabakh field, Caspian Energy News (www.caspianenergy.net) reports with reference to the press-service of SOCAR.

At the same time, the companies carry out joint measures on environment protection, development of human resources, including training of specialists in the oil and gas industry.

It should be noted that Statoil is one of the first companies - investors of offshore projects in Azerbaijan and has been working in the country for 25 years. During this time the company has invested $2.6 billion. According to the contract on ACG fields signed yesterday, the company owns 7,27% in the project.

SOCAR and Statoil signed the Memorandum of Understanding on the promising fields Zafar and Mashal in the Azerbaijan sector of the Caspian in April 2013. According to the MoU, the parties were supposed to conduct negotiations within a year after the signing in order to agree on key commercial principles and terms of a contract for development of blocks and also to sign a contract itself.

The Zafar-Mashal block of fields is located at the distance of 130 km southeast of Baku and 90 km from the Kura delta. It was discovered in 2004 by the 1st prospecting well.

The water depth here ranges from 450 to 950 meters.

The square of the field is 643 km2.

The PSA type contract for the development of the prospective Zafar-Mashal block was signed on April 27, 1999 and ratified by the Azerbaijan Parliament on May 8, 2000. The Zafar-Mashal participating interests were: SOCAR - 50%, ExxonMobil - 30% (operator of the project), ConocoPhillips - 20%.

Currently, the project is closed due to the commercial unattractiveness of the discovered reserves.

In March of this year, Statoil submitted the report on the results of research into exploration and development of offshore fields Dan Ulduzu, Karabakh, Ashrafi to the Azerbaijan Ministry of Energy.

During the research work wells were drilled on these fields, 3D seismic survey was carried out and recoverable and existing oil and gas reserves were discovered in larger volumes compared with the original indicators. The research also involved the Aypara field and its oil and gas reserves were estimated.

Early in 1997, SOCAR signed a contract for development of the Ashrafi-Dan-Ulduzu block with BP (30%), Unocal (25.5%), Itochu (20%) and Delta HESS (4.5%). The share of SOCAR in this project comprised 20%. The Ashrafi field with reserves of 13 billion cubic meters of gas and 17 million tonnes of condensate was discovered in 1999. It is located 100 km to the east of Baku. The water depth within the field varies from 250 to 450 meters.

The contract lost its validity on March 7, 2000.

More details: http://www.socar.az/socar/az/news-and-media/news-archives/news-archives/id/11048

Person in charge of the newsline: Fidan Isayeva

 

 

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