This week the State Oil Company of the Azerbaijani Republic (SOCAR)
renewed it's work on 3D geophysical research carried out on the naval
structure of "Bahar-2", which had been halted in November 2009 due to
bad weather conditions, Turan reports citing the SOCAR press agency.
3D geophysical research has been carried out to reveal the geophysical
structure of "Bahar-2". A PSA-type contract was signed for the field
development of "Bahar" and "Gum-deniz" (signed in December 2009
between Gosneftekompania (participation interest - 20%) and Bahar
Energy Limited (80%) for 25 years (which can be extended by 5 years),
consisting of 2 parts. The first part includes rehabilitation and
development and aims at a 1.5 increase in oil extraction in 3 years,
compared to the level in 2008 (55 thousand tones of oil and 195
million cubic meters of gas). They are planning to explore and drill
an exploration borehole in 3 years on "Bahar-2" within the second part
of the agreement.
Ratification of the agreement in Milli Majlis is expected to take
place on April 13th. After the signing the of contract by the
country's president and completion of the "handing-over" process
between SOCAR and Bahar Energy Limited, which will last several
months, the "Bahar" and "Gum-deniz" agreement will come into force.
However, Gosneftekompania is beginning the 3D research on a
contractual basis, in order to waste no time: its corresponding
structures will still carry out this work on behalf of Bahar Energy
Limited.
