SOCAR aims to commence oil production at Karabakh field soon

Azerbaijan’s state oil company, SOCAR, aims to launch oil production at the Karabakh field soon, SOCAR Vice President Babek Huseynov said on Wednesday, News.Az reports.

"Since the majority of our oil production comes from the Azeri-Chirag-Gunashli block of fields, our primary objective is to stabilise the decline in oil production and maintain it at that level for a certain period while simultaneously developing new fields," he explained.

He emphasised that the Karabakh field holds significant promise for oil production. "Unfortunately, Equinor has left the country, but this opens up new opportunities. SOCAR has acquired their stake in this project and currently holds a 100% interest," Huseynov said.

“Karabakh already has three exploration wells and one appraisal well drilled earlier by Norway's Equinor. The field was discovered in March 2020. Hydrocarbon reserves have been confirmed, so we want to start production shortly,” he added.

SOCAR now manages the project after Equinor left. Over 40 million tons of oil are estimated in the Karabakh field in the Caspian Sea, with over 21 million recoverable.

News.Az