APA-Economics reports that this well will meet long-term demand for gas.
‘Even without Shah Deniz deposit, Azerbaijan can meet the demands for gas for at least 100 years by Umid field’.
Note that Umid is located 75 kilometers from the capital Baku, 40 miles from the Caspian coast. Geophysical works at Umid started in 1953 and were resumed in 1972. A total of 9 wells were drilled from 1977 to 1992, but no commercially viable reserves were discovered at the time.
In 2009, SOCAR financed exploration work at Umid. This was the first time since the Contract of the Century signed with energy majors in 1994 that Azerbaijan conducted exploration entirely on its own. The discovery of over 200 billion cubic meters of gas and 40 million tons of condensate was announced by SOCAR in November 2010 after successful drilling at 6,500 meters on exploration platform Umid-1.
Exploitation of Umid field has been started on September 20, 2012. Daily oil productivity of well is 200 tonnes.
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