Azerbaijan's state oil company SOCAR and Norway’s Equinor announced a discovery on Thursday in the offshore Karabagh field located 120 kilometers east of Baku, in the Azerbaijan sector of the Caspian Sea.
The statement said that drilling of the first appraisal well at the Karabagh oil field started on Dec. 23 last year.
"The well was drilled in water depth of 180 meters by the Dada Gorgud semi-submersible drilling rig operated by SOCAR’s Caspian Drilling Company,” the statement read.
According to SOCAR, the reservoir is at a depth of approximately 3.4 kilometers with estimated volumes of oil and gas rated satisfactory for pursuing commercial development of the field.
SOCAR’s President Rovnag Abdullayev said the Karabagh field development would significantly contribute to Azerbaijan’s oil income.
“Karabagh is the first oil field discovered during the independence period of our country and its oil reserves are estimated at more than 60 million tons," Abdullayev was quoted as saying.
By Ebru Sengul Cevrioglu