SOCAR president: Karabakh field to make a significant contribution to Azerbaijan`s oil revenues


March 19, Fineko/abc.az. The State Oil Company of Azerbaijan (SOCAR) and Norway’s Equinor confirmed the discovery of field Karabakh in the Azerbaijani sector of the Caspian Sea based on the results of appraisal drilling, ABC.AZ was informed at SOCAR.

The drilling of the first appraisal well on this contract area has been conducted from 23 December 2019 and as a result, confirmed the discovery of the field. The depth of the productive layers is 3.4 km. According to the initial assessment, from an economic angle, the amount of oil and gas reserves found at the field is sufficient for development.

SOCAR president Rovnag Abdullayev noted that geological reserves of oil at the field are initially estimated at more than 60 million tons.

Successful, timely and safe drilling of a well to the design 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 earnings.

On 31 May 2018, SOCAR and Equinor signed a Risk Service Contract for the development of Karabakh field. SOCAR and Equinor created an operating system on the parity basis (50% to 50%) for realization of projects.