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SOCAR and bp discover hydrocarbon reserves in the Caspian Sea

First gas-condensate reserves were found at a depth of 7,189 meters in an exploration well drilled on the Shafag-Asiman block in the Azerbaijani sector of the Caspian Sea. To define the exact volume of hydrocarbon reserves, the parties of the project, SOCAR and bp, are going to work out a technical plan for drilling an additional lateral well in the direction of the structure’s arch.

“The gas and condensate reserves, found at a new deepwater field in the Azerbaijani sector of the Caspian Sea, will contribute to the growth of our proven hydrocarbon reserves and, consequently, to the energy security of our country and many other countries,” said the President of Azerbaijan Ilham Aliyev. “Our proven natural gas reserves can contribute to the Southern Gas Corridor, the last link of which – TAP pipeline was completed last year. I congratulate the people of Azerbaijan, our oil workers, bp and SOCAR on this success.”

The Shafag-Asiman block lies 125 kilometres to the southeast of Baku and covers an area of 1,100 square kilometres. The structure was discovered in 1961 during a seismic exploration and in 2010, SOCAR and bp signed a production sharing agreement (PSA) on joint exploration and development for a period of 30 years.

Photo: SOCAR facebook page.

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