Azneft PU of Azerbaijan’s energy giant SOCAR announced reorganization by joining SOCAR-Umid LLC to it and was registered in the “single window’ system of the Ministry of Taxes.
SOCAR’s Azneft is developing 34 oil and gas fields, 20 of which are onshore and 14 of which are located in Azerbaijan’s sector of the Caspian Sea.
SOCAR-Umid was engaged in the development of the Umid gas field in the Azerbaijani sector of the Caspian Sea.
Risk-service contract [contract with a minimum guarantee of compensation] on the exploration and development of the offshore block, including the Umid gas field and the Babek structure in the Caspian Sea, was signed between SOCAR and SOCAR Umid Oil and Gas Limited on January 12 2017.
Umid gas field, which was discovered in 20101, is the second largest natural gas field in Azerbaijan [the largest is Shah Deniz gas field]. It is situated in the South Caspian Sea, off the coast of Azerbaijan, approximately 75 kilometres southeast of Baku, at a depth of 170 metres.
The reserves of the field are estimated at more than 200 billion cubic meters of gas and 40 million tons of condensate.
SOCAR is wholly owned by the government of Azerbaijan. SOCAR participates in joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR’s participation.
Besides Azneft, the company included such production associations as Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.
Currently, SOCAR is the only producer of petroleum products in the country, and operates more than 370 petrol stations in Switzerland, Georgia, Romania and Ukraine.
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