The well at the Karabagh field has been drilled using Socar’s Caspian Drilling Company (CDC)-operated by the Dada Gorgud semi-submersible drilling rig
The Karabagh field is located 120km offshore, east of Baku, Azerbaijan. (Credit: Pixabay/wasi1370)
State Oil Company of the Azerbaijan Republic (Socar) and Norway’s Equinor have made an oil discovery at the first appraisal well at the Karabagh field offshore Azerbaijan.
The Karabagh field is located 120km offshore, east of Baku, in the Azerbaijan sector of the Caspian Sea.
The well has been drilled in a water depth of 180m using Socar’s Caspian Drilling Company (CDC)-operated by the Dada Gorgud semi-submersible drilling rig. The reservoir at the well is located at a depth of approximately 3.4km.
Socar seeks to undertake commercial development of Karabagh field
Socar noted that the estimated size of the discovered oil and gas volumes are satisfactory for undertaking commercial development of the field.
Socar 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 following seismic surveys and its oil and gas reserves were confirmed through exploration drilling in 1997-1998.
In May 2018, Socar Karabagh signed a risk service agreement with Equinor to develop the Karabagh oil field. As per the terms of the deal, the two firms equally own the shares.
In January 2020, British oil company BP and its partner Socar have started drilling of the Shafag-Asiman block offshore Caspian Sea in the Azerbaijan sector.
Located about 125km to the South-East of Baku, the block covers an area of some 1,100km² and is located in water depths of 650-800m.