“So far, we are not looking at “Umid-Babek”, SOCAR has decided to develop it independently”, said Vagit Alekperov, according to “Interfax”.
“LUKOIL” will not participate in the “Umid-Babek” project in the Azerbaijani sector of the Caspian Sea so far. “LUKOIL” president Vagit Alekperov told this to the reporters on the sidelines of the “VTB Capital” forum – “Russia is Calling!”.
“So far, we are not looking at “Umid-Babek”, SOCAR has decided to develop it independently”, said Alekperov, according to “Interfax”.
Concerning the development of the block of the “Umid-Babek” offshore fields, a Risk Service Contract was signed on January 12, 2017, between the State Oil Company of the Azerbaijan Republic – SOCAR (Azərbaycan Respublikası Dövlət Neft Şirkəti - ARDNŞ) and “SOCAR Umid Oil and Gas Limited”.
The contract also included an “Agreement on exploration and development of the “Umid-Babek” block in the Azerbaijani sector of the Caspian Sea”, signed between “SOCAR Umid Oil and Gas Limited” and “Umid, Babek
Exploration & Production”.
“Umid Babek Operating Company” (UBOC) plans to drill the first reconnaissance drill of the Babek block at the end of 2020.
Source: http://interfax.az/view/784488