Bloomberg News

Socar Drills Second Well at Caspian Natural-Gas Field of Umid

June 08, 2012

State Oil Co. (ATPG:US) of Azerbaijan drilled a second well at the Caspian natural-gas field of Umid to produce a daily 1.2 million cubic meters of gas and 150 metric tons of condensate, the Baku-based company said on its website.

“Information obtained from the well once again showed that the Umid field contains large reserves,” the national energy producer said.

Socar reported the discovery of the deposit about 40 kilometers (25 miles) off the Azerbaijani coast in November 2010. It may contain 200 billion cubic meters of gas and 40 million tons of condensate, according to company estimates.

Azerbaijan last year produced 25.8 billion cubic meters of gas, mostly from the BP Plc-led Shah Deniz field. The third- largest oil producer in the former Soviet Union also pumped 45.6 million tons of oil.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net


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