TODAY.AZ / Business

SOCAR commissions new well in Caspian Sea

22 September 2017 [17:41] - TODAY.AZ

By Azernews

The state-run oil company SOCAR will produce additional 69.35 million cubic meters of gas and more than 1,800 tons of condensate annually due to commissioning of the well at the Gunashli offshore field after a major overhaul.

SOCAR reported that gas with a debit of 190,000 cubic meters per day and condensate with a debit of 5 tons per day are extracted in the interval of 2,291-2,234 meters.

The Gunashli field plays an important role in the oil and gas industry of Azerbaijan. The field is located 120 kilometers east of Baku, 12 kilometres southeast of Oil Rocks and its deep water section is a part of the larger Azeri–Chirag–Guneshli (ACG) project.

A contract for development of ACG block of oil and gas fields was signed in 1994 for 30 years. Thirteen companies from 8 countries [Azerbaijan, U.S., Great Britain, Russia, Turkey, Norway, Japan, Saudi Arabia] have participated in signing of the "Contract of the Century".

BP and Azerbaijan agreed last week to extend to 2050 the contract to develop the country’s biggest oilfields - Azeri-Chirag-Gunashli (ACG), a deal dubbed “the Contract of the Century” when first signed in 1994 until 2024.

The proven oil reserves of the block amounts to approximately 1 billion tons.

SOCAR is wholly owned by the government of Azerbaijan. SOCAR participates in joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR’s participation.

It produced at its own expense 6.27 billion cubic meters of gas from offshore and onshore fields of the country in 2016, against 6.87 billion cubic meters produced in 2015. The total volume of gas produced from contracted and independently developed fields in 2016 amounted to 29.37 billion cubic meters, as compared to 29.05 billion cubic meters produced in 2015.

The company produced at its own expense 3.46 billion cubic meters of gas in offshore and onshore fields of the country in January-July, 2017, against 3.69 billion cubic meters produced during the same period of last year.


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