The French company “TotalEnergies” may be involved in the implementation of a project to develop a promising ‘Babek’ structure on the ‘Umid-Babek’ block in the Azerbaijani sector of the Caspian Sea, First Vice President of SOCAR (State Oil Company of Azerbaijan) Khoshbakht Yusifzade said. “SOCAR plans to accelerate exploration work on the promising ‘Babek’ structure and is negotiating with foreign partners for this purpose. To start these works, the State Oil Company of Azerbaijan signed a Memorandum of Understanding with the French company ‘TotalEnergies’ on May 10, 2023,” Yusifzade said on Friday, speaking at the Baku Energy Forum. He said that, in general, SOCAR faces the task of increasing the intensity of drilling at the Umid and Absheron fields, revaluing the results of exploration work carried out at the promising structures ‘Babek’, ‘Nakhchivan’, ‘Zafar-Mashal’ and ‘Shafag-Asiman’, drilling new wells in these areas and accelerating the implementation of these projects. Addressing the forum participants, Yusifzade noted that the reserves of the promising ‘Babek’ structure are 2 times higher than the reserves of the Umid field, amounting to 200 billion cubic meters of gas. In this regard, the First Vice President noted, “we need to conduct exploration as soon as possible” in order to introduce the ‘Babek’ structure into development.

Source: Turan News Agency