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  • SOCAR, Equinor confirm discovery of Karabagh Oil Field in Azerbaijan
    édité le 23/03/2020 - Plus de news de "Socar" - Voir la fiche entreprise de "Socar"


SOCAR, Equinor confirm discovery of Karabagh Oil Field in Azerbaijan
SOCAR and Norway’s Equinor have confirmed a discovery of Karabagh field located 120 kilometers offshore, east of Baku, in the Azerbaijan sector of the Caspian Sea.

Drilling of the first appraisal well at Karabagh oil field was started on December 23, 2019. The well was drilled in water depth of 180 meters by the Dada Gorgud semi-submersible drilling rig operated by SOCAR’s Caspian Drilling Company (CDC). The reservoir is at a depth of approximately 3.4 kilometers. Estimated size of the discovered volumes of oil and gas are satisfactory for pursuing commercial development of the Karabagh field.

SOCAR’s President, Rovnag Abdullayev said: “Karabagh is the first oil field discovered during the independence period of our country and its oil reserves estimated more than 60 million tons. The successful delivery of the appraisal well to the target safely and on time is the result of effective collaboration of SOCAR and Equinor. Development of the Karabagh field will significantly contribute to Azerbaijan’s oil incomes. The field proudly bears the name of the heart of our Motherland - Karabagh.”

The Karabagh prospective structure was identified in 1959 as a result of seismic surveys. It was specified in 1984 and its oil and gas reserves were confirmed in 1997-1998 through exploration drilling. The oilfield is located 120 km east of Baku, at a depth of 150-200 meters in the open sea.

The consortium operated by Caspian International Petroleum Company (CIPCO) drilled three exploration wells in the Karabagh PSA signed in 1995: two wells found gas in the southeast portion of the structure and the third well indicated presence of oil in the western part of the structure. In 1999, the PSA was terminated due to the non-commercial discovery.

In May 2018, SOCAR Karabagh and Equinor signed a Risk Service Agreement related to development of Karabagh Oil Field in the Azerbaijan Sector of Caspian Sea. According to the agreement, they hold equal shares.

Since 1994, SOCAR and Equinor have been cooperating in important joint projects, including the operating of the Azeri Chirag and Deep Water Gunashli (ACG) oil field.

About SOCAR

SOCAR is one of the leading international energy companies. In order to ensure the economic interests of the Azerbaijani people, SOCAR is a major operator and participant in a number of transnational projects across the country and abroad. The company is active in all the oil and gas industry value chains. Exploration of oil and gas fields, production, processing and transportation of oil, gas and gas condensate constitute the main part of the operations of SOCAR. SOCAR also exports natural gas, oil and petrochemical products to the country's market, as well as international markets. The company's goal is to become a vertical integrated international energy company with advanced experience in the field of effective operation, social and environmental responsibility. As an important EU energy supplier, SOCAR plays a special role in the sustainable economic development of Europe.

About Equinor

Equinor, is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.


Origine : Communiqué Socar

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