BP STARTS ENGINEERING PLANNING OF NEW EXPLORATORY WELL

Specialists of bp have started engineering planning of a new exploratory well that will be drilled on the perspective structure Inam. This was disclosed to journalists by the president of bp Azerbaijan David Woodward. According to him, according to the present plans of the company, preparation work will continue in 2004 for the drilling of this well as well as purchase all the necessary equipment and materials. Drilling work has been planned for the end of 2004.

Mr Woodward noted that for now no particular oil rig has been chosen for the drilling of this well. Earlier he said that the semi-submersible oil rig Istiglal would be used.

Drilling of the first exploratory well INX-1 started during 2000-2001 on the Inam structure and was supposed to drill to project depths of 5025 meters from subsea level of 137 meters. However in the spring of 2001 drilling stopped at the depth of 4550 meters due top high seam pressure, which the Istiglal, designed for 1050 atmospheres could not withstand.

As a result he shareholders of the project decided to stop the exploratory drilling till an optimal variant was found. The variants were two: either returning to well INX-1 and continuing the drilling with special equipment or drilling a completely new well.

The product sharing agreement for the development of the Inam structure was signed on 21 June 1998 and ratified on 1 December 1998. Partners to the project include: SOCAR- 50%, bр -25%, Shell- 25%.

The contract site Inam is situated in the Azerbaijani sector of the Caspian at about 18 km from the western shores and encompasses an area of 450 square km. Water depths at this structure fluctuates from 30-150 meters. According to SOCAR specialists, hydrocarbon reserves of the structure total 100 million tonnes of oil and 100 billion m3 of gas.