Construction of offshore platform on Umid saves SOCAR’s $180m

Fri 17 Sep 2010 05:37 GMT | 09:37 Local Time

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Drilling is conducted by the Sahil drilling department from the new offshore platform established at the field this year.

Construction of an offshore platform on Umid offshore structure and drilling of an exploration well there will take SOCAR just AZN 60m ($74.4m), first vice president for SOCAR Khoshbakht Yusifzade told journalists.

“If we used the drilling facility, the drilling of the first exploration well at the structure would take us AZN 200 ($249m). In addition, if the first exploration well is productive, we will be able to drill five more wells from the platform, which certainly cannot be done with the sailing drilling facility”, Yusifzade said.

He also said that the drifting at first exploration well No 8 of the Umid structure made up 5500 meters.

The projected depth of the well is 6500 meters. Drilling is conducted by the Sahil drilling department from the new offshore platform established at the field this year.

The platform is set at the sea depth of 58 km 15 km from Bulla Deniz field. The platform is intended for drilling of 6 gas wells.

The natural gas reserves on perspective Umid structure are estimated at 200 bn cubic meters. In June of this year the company established the limited liability company Socar-Umid, where it holds 80% and Nobel Oil Exploration&Production (Saint Kitts) holds 20% for working at the Umid field.

Socar-Umid is created with the formal founding capital of AZN 1,000.

Rufat Abbasov
News.Az

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