SOCAR and BEOC signed a memorandum of cooperation on the "Bakhar" and "Gum-deniz" fields

As reported by BAKU.WS with reference to KBR, the document provides for the establishment of a partnership between the two companies.

Within the framework of the memorandum, the possibilities of applying KBR's extensive drilling and technical experience at the "Bahar" and "Gum-deniz" fields located in the Azerbaijani sector of the Caspian Sea will be studied.

Projects that will be jointly implemented with BEOC will make a significant contribution to achieving the strategic goals of both companies.

Recall that SOCAR and Bahar Energy Limited signed a production sharing agreement on December 22, 2009, for the exploration, rehabilitation, development, and production at the "Bahar" and "Gum-deniz" fields block. According to the agreement, Bahar Energy Limited's share in the project is 80%, and SOCAR's share is 20%.

The contract is provided for a period of 25 years with the possibility of extension for another 5 years. The investment program volume is initially estimated at $1 billion, and all investments will be made by Bahar Energy Limited. The remaining gas reserves in the contract block are estimated at 25 billion cubic meters.

The "Gum-deniz" oil field was put into operation in 1955 and is located 21 km southeast of Baku. The development of the "Bahar" gas field began in 1969.

Qalereya