OREANDA-NEWS. December 04, 2009. SOCAR informs that the Geophysics & Geology Department’s Division of Complex Geological Exploration & Topography completed survey on Babak structure in the Baku archipelago.

The structure is located nearby Umid structure on which the Company launched exploration drilling this year.

“Acoustic and bathymetric measurements conducted on the area of 150 sq km will allow definition of exploration drilling site at Babak,” SOCAR says.

By early September of the year it was drilled 1,200 m within the frames of drilling of development well №8 at offshore fixed platform №1 in prospective structure Umid (Umid-1) in the Azerbaijani sector of the Caspian.

Design depth of the well is 6,500 m.

Socar-Umid Ltd with formal charter capital of 1,000 manats was established to undertake works.

Earlier an interest to Umid-Babak block was displayed by Germany’s Wintershall/RWE. In December 2007 SOCAR launched exploration drilling to survey the 7th productive stratum on Umid structure. SOCAR expects to drill three exploration wells at Umid and the same quantity of wells at Babek.

"In case results of exploration at Umid structure are positive, the necessity of exploration on Babek structure will increase sharply,” said earlier SOCAR’s 1st vice president Khoshbakht Yusifzadeh.

SOCAR considers Umid/Babek block the most prospective structure at the moment. The block is located in deepwater part of Azerbaijani sector of the Caspian Sea.

According to preliminary data, annual production over here can reach 14-15 bn cu m of gas at the peak of development and hydrocarbons reserves can total 200-300 million tons of oil equivalent.

By the present Azerbaijan has discovered 71 oil and gas fields, including 43 onshore and 28 offshore ones. 54 fields are under development and 9 under exploration. The Programme of Fuel & Energy Complex for 2005-15 stipulates exploration (drilling of 19 wells to require AZN 2.76 bn of investments) of such prospective structures by SOCAR as Umid, Babek, Ashrafi, Garabagh and others. In period of 2008-15 SOCAR expects to drill 19 wells – by three wells at Umid, Babek, Absheron and Ashrafi, by two at Nakhchivan, Zafar/Mashal, Garabagh, one at Dan Ulduzu.