Geological Study May Reveal That Azeri Sector Can Offer As Much Gas As Oil

Monday, September 20, 1999
Closer geological study of the Azeri sector of the Caspian could reveal a greater tendency towards gas than oil in the sea's deep-water section, the chief geologist of Azeri state oil company SOCAR said. If true, the speculations of Khoshbakht Yusifzade, who is the country's leading expert and one of four SOCAR vice presidents, could confirm growing suspicions that Azerbaijan holds as much gas as oil, if not more. Azeri specialists have now studied almost all of the former Soviet republic's onshore and shallow-water offshore structures and have discovered that is where the bulk of the oil lies, Yusifzade said. "Our previous research and experience in Azerbaijan allows us to assume that in the Caspian, the deeper the water, the more likely it is that we'll discover gas seams," he said. Recent results from the first test well at the offshore Shakh Deniz field, which indicated natural gas reserves of up to 700 bcm, confirm this theory, he said. "Even 10 years ago we predicted there was more chance of finding gas than oil in Shakh Deniz, which is in water depths of 100 to 500 meters." However, this may not be what many foreign oil companies operating in the Caspian state want to hear. "I'm an oil man and I know nothing about gas, but now it seems I'll have to move fast and learn all about gas as there's probably quite a lot of it here," said one industry source after the announcement of the Shakh Deniz results. Since 1994 the world's oil majors have been busy grabbing offshore acreage in Azerbaijan and have signed 19 contracts hoping to find viable deposits of crude, which can be exported by pipeline, rail and tanker. Unlike oil, gas exploitation requires supply contracts and significant investments in infrastructure before extraction can even begin. According to Yusifzade there is a strong possibility that other deep-water structures, such as Exxon's neighboring Zafar-Mashal field and Chevron's Absheron field will also prove to be mainly gas deposits. "It's hard to say definitely before we get some exploratory drilling results, but in all likelihood Absheron and Zafar-Mashal could contain more gas than oil," Yusifzade said, but added they would also contain unpredictable quantities of oil. He estimated Azerbaijan's gas reserves at 3.0 to 3.5 trillion cubic meters (2.7 to 3.2 billion tons of oil equivalent), out of a total 6.0 to 10 billion tons of hydrocarbons.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Cat, Deltamarin Develop Modular FPSO Power Unit

Caterpillar Launches New Modular Solution Developed with Deltamarin for FPSO and Offshore Platform Main Power at 2014 Rio Oil & Gas Expo and Conference Caterpillar

Technip Further Optimizes its Subsea Assets

Technip signed today an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc.(1). Technip’s strategy focuses on high technology

InterMoor UK Completes 2,300 Accident-free Projects

InterMoor UK Operations, part of Acteon’s foundations and moorings business, says it has completed seven years and more than 2,300 projects without a single lost-time incident (LTI).

Bulk Carrier Trends

Ferus Smit Building LNG Powered Cement Carrier

The first unique LNG powered ship that Ferus Smit has on order for Erik Thun A.B. will be built and equipped as a dedicated cement carrier. The ship will be delivered to the joint venture JT cement,

Scorpio Bulkers Upsizes Public Offering

Scorpio Bulkers Inc. announced today that it has further upsized and priced its previously announced offering of senior unsecured notes due 2019 in a registered public offering.

Sharp Slowdown in China Industrial Activity

The slowdown in Chinese industrial production growth ads to the existing concerns that China is going through challenging times, as Beijing aims for a soft landing and a transition of the economy,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1110 sec (9 req/sec)