ECONOMY


Gas and condensate found at Shafag-Asiman field

Baku, March 25, AZERTAC

First gas-condensate reserves were found at a depth of 7189 meters in an exploration well drilled on the Shafag-Asiman block in the Azerbaijani sector of the Caspian Sea. Herewith the logging and drilling of the Fasila stratum of the field was successfully completed. To define the exact volume of hydrocarbon reserves, the parties of the project are going to work out a technical plan for drilling of an additional lateral well in the direction of the structure's arch.

Exploration work on the Shafag-Asiman block is a joint project of SOCAR and bp. According to the Production Sharing Agreement, bp is the operator of exploration drilling. On January 11, 2020 SOCAR's subsidiary Caspian Drilling Company's started drilling the exploratory well on the 623-meter deep seabed by Heydar Aliyev Semi-Submersible Drilling Rig.

President of the Republic of Azerbaijan Ilham Aliyev said: "The history of cooperation between bp and SOCAR comprises a period of about 30 years. During this period, many projects of global importance have been carried out. These include such joint projects as the development of Azeri-Chirag-Gunashli (ACG) block, the Baku-Tbilisi-Ceyhan (BTC) pipeline, the Shah Deniz, the Southern Gas Corridor (SGC) and its elements - the SCP, TANAP and TAP pipelines. Currently, the cooperation between SOCAR and bp has strategic importance. bp is the biggest foreign investor in Azerbaijan's oil and gas industry.

Today, we are working on several new projects together with our traditional partner, bp. One of these projects is the development of the Shafag-Asiman prospect, where the drilling of the first well has already been completed with good results. 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. 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 kilometers to the south-east of Baku. It covers an area of 1100 square kilometers. It is located in water depths of 650-800 meters. The Shafag-Asiman structure was discovered in 1961 during a seismic exploration. On October 7, 2010, SOCAR and bp signed a production sharing agreement (PSA) on joint exploration and development of the Shafag-Asiman offshore block for a period of 30 years. SOCAR and bp have equal shares in the project. In 2012, 3D seismic exploration was conducted at Shafag-Asiman. Interpretation of the seismic data was completed in 2015. Subsequently, the partners agreed on the location for the drilling of the first exploration well.

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