SOCAR’s Complex Drilling Works Trust (CDWT) and Bahar Energy Operating Company (BEOC) have entered into a memorandum of cooperation, the CDWT announced, as reported by Report.
The agreement aims to leverage CDWT’s extensive drilling expertise for potential work on the Bahar and Gum-Deniz fields in Azerbaijan’s Caspian sector.
Joint projects under the memorandum are expected to advance the strategic objectives of both companies.
The fields are governed by a 2009 production sharing agreement between SOCAR and Bahar Energy Limited, granting Bahar Energy an 80% stake and SOCAR 20%. The 25-year contract (extendable by five years) includes an initial $1 billion investment program fully funded by Bahar Energy, with estimated remaining gas reserves of 25 billion cubic meters.
Gum-Deniz, commissioned in 1955, lies 21 km southeast of Baku, while Bahar gas field development began in 1969.
https://report.az/en/energy/socar-beoc-ink-memorandum-of-co-op-on-bahar-gum-deniz-fields