The State Oil Company of the Azerbaijani Republic (SOCAR) has prepared proposals for conducting exploration and production (E&P) work in Bulgaria and Iraq, according to the company’s annual report for 2024.
“In 2024, an assessment of E&P projects in Bulgaria and Iraq was conducted, and proposals were presented to SOCAR management for making investment decisions,” the report said.
In connection with the implementation of the roadmap of June 22, 2023, signed between SOCAR and Kazakhstan’s KazMunayGas, all information on the prospective investment territory (the name of which has not been disclosed) was analyzed, a preliminary assessment of resources and risks was conducted and proposals for its detailed study were prepared and presented to SOCAR’s management, the report said.
The company also conducted an assessment of the oil and gas potential of onshore oil and gas basins in Azerbaijan.
The prospects of several structures in the Azerbaijani sector of the Caspian Sea were evaluated. In particular, gas reserves in the shallow layers of the prospective Mashal structure, which has high hydrocarbon potential, were assessed, and an evaluation of the Goshadash structure and the prospective Oguz field was conducted. Previously drilled and unsuccessful wells in the former contract areas of Kurdsahi, Ateshgah – Yanan Tava – Mugan-Deniz, and Lankaran – Talysh-Deniz were analyzed to assess future E&P work, geology, tectonics and hydrocarbon potential.
In 2024, the company conducted a reassessment of the hydrocarbon potential of the Fasila-alti layers of the Absheron gas condensate field. SOCAR sent technical and economic positions on this matter to the operating company Joint Operating Company of Absheron Petroleum B.V. (JOCAP) and to Total, the project operator.
Geological and geophysical studies of Mesozoic deposits at the Naftalan field were initiated last year, and an assessment of resources and risks was conducted. A decision was made to continue work on including Naftalan in the E&P portfolio and to drill an exploration well.
According to the report, as a result of the reassessment of fields and the reclassification of wells as exploration assets by the Azneft Production Association, it was possible to replace 77.4% of the produced hydrocarbons in 2024, while reserve growth reached 8.4 million tonnes of oil equivalent.
