A field with reserves of more than 60 million tons of oil has been discovered in the Caspian

SOCAR and Norwegian company Equinor confirmed the discovery of the “Karabakh” oil and gas field in the Azerbaijani sector of the Caspian Sea, 120 kilometers east of Baku, Trend reports citing SOCAR.

According to information, the drilling of the first appraisal well in the Karabakh field began on December 23, 2019. It was drilled by the “Dede Gorgud” floating rig at a depth of 180 meters. Productive strata of the field are located at a depth of 3.4 kilometers. According to preliminary estimates, the volumes of oil and gas found in the field are sufficient for its cost-effective development.

SOCAR President Rovnag Abdullayev said that "Karabakh" is the first oil and gas field discovered during the country's independence: "the Preliminary estimated geological reserves of the field are more than 60 million tons of oil. Successful, safe and timely delivery of the appraisal well to the depth is the result of joint efforts of SOCAR and Equinor. The development of the “Karabakh” field will make a significant contribution to Azerbaijan's oil revenues."

A consortium led by Caspian International Petroleum Company (CIPCO) has drilled 3 exploration wells in accordance with the "agreement on sharing the share of Karabakh production" in 1995. Two wells confirmed that the layers in the South-Eastern part of the structure are saturated with gas, and one well showed that the layers in the Western part of the structure are saturated with oil and gas. The agreement was canceled in 1999 as an economically inefficient project.

In may 2018, SOCAR Karabakh and Equinor signed an agreement on risk management for the development of the Karabakh oil field in the Azerbaijani sector of the Caspian sea. According to the agreement, the companies have an equal share.

Since 1994, SOCAR and Statoil (Equinor) have been cooperating on a number of important projects, including the development of the Azeri-Chirag-Guneshli (ACG) oil fields.

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