Dan Ulduzu field

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Dan Ulduzu field is an oil and gas field located 105 km (65 mi) northeast of Baku, Azerbaijan, west of Karabakh field, in the northern section of Absheron archipelago.[1][2] In Azerbaijani, Dan Ulduzu means Pole Star.

Dan Ulduzu-Ashrafi bloc

The Production sharing agreement (PSA) for exploration, development and production between SOCAR and NAOC consortium for Dan-Ulduzu-Ashrafi bloc was signed on December 14, 1996. The contract area is 453 km2.[3] The water depth on location is 160 metres (520 ft) - 180 metres (590 ft).[1] According to the contract, 3 exploration wells would be drilled and if successful, the production would start in 2003 with an intended output to reach 7 million tons per year by 2007. Azerbaijan would also have been paid $75 million in bonuses. Total capital investment was estimated at $2.5 billion.[4] After drilling of 3 exploration wells, 2 million tons of oil was discovered at Dan Ulduzu and 6 million tons was found at Ashrafi field in January 1998.[5] During the exploration stage, in 1998-2001, the price for barrel of oil was below $20.[6] Due to low prices, the bloc was not considered commercially viable.[7] On March 7, 2000 the contract for exploration ended and was not renewed by the consortium.[2]

Ownership

The project was operated by North Absheron Operating Company (NAOC) which consisted of the operator Amoco (acquired by BP) (30%), SOCAR (20%), Itochu (20%), Unocal (25.5%), Delta Oil Company (4.5%).[8] The company had spent a total of $64.5 million for exploration.[6] The initial right for development of the field was granted to Amoco and Unocal in 1992. The other partners joined in in the mid-1990s.[9]

Drilling renewed

In early 2004, SOCAR confirmed plans to revitalize the project at Dan Ulduzu and Ashrafi fields in 2007.[10] SOCAR intends to drill 19 wells by 2015 which will require an investment of 2.76 billion Azerbaijani manats.[11][12] Currently, the drilling is being carried out by Caspian Drilling Company, contracted for various projects by SOCAR.[13]

See also

References

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External links

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