SOCAR announces date of initial production from Karabakh field

It is planned to drill 12 wells at a depth of 180 meters and build a 20-well deep water platform in the Karabakh field located in the Azerbaijani sector of the Caspian Sea, reads the annual report (2020) of the State Oil Company of Azerbaijan (SOCAR), Report informs.

According to SOCAR, the engineering work of the project is underway.

Drilling of the KPS-4 appraisal well in the Karabakh field was completed in March 2020. The results are currently being analyzed.

SOCAR also notes that the initial oil production from the field is expected in 2025 according to the updated schedule: "The construction of the support block of the platform has been completed, prepared for transportation and installation."

The Karabakh field is located in the southern basin of the Caspian Sea, to the north of the Absheron archipelago. The field was drilled by a consortium of the Caspian International Oil Company in 1997-1998. In 2020, the oil was discovered in the field through a joint drilling operation by SOCAR and Equinor.

The Risk Service (RPS) Agreement on the development of the Karabakh oil field in the Azerbaijani sector of the Caspian Sea was signed on May 30, 2018, between SOCAR and Equinor (formerly Statoil). Each company has a 50% stake in the project.