SOCAR plans to start production at the Grabagh oil field soon, SOCAR Vice President Babek Huseynov said during the "Breaking Stereotypes: Forming Energy Solutions" panel organized as part of the Baku Energy Week, APA-Economics reports.
According to him, the company currently owns a 100% stake in the development project of the Garabagh field, which provides significant opportunities for putting the field into production.
Babek Huseynov also added that the goals of starting production in new fields as soon as possible have been set. Thus, operators are now presented with conditions to commence production, for instance, not within 7 years but within 3-5 years.
"We will bring new deposits to production in 3-5 years. However, Garabagh already has three exploration wells and one appraisal well. We hope this process will be swift, but I assure you it won't take seven years." Babek Huseynov stated.
Recall that in December last year, SOCAR bought a 50% share in the Garabagh project from the Norwegian company Equinor.
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