SOCAR Starts Estimating Reserves of 27 Fields in the Caspian According to SPE-PRMS Classification
SOCAR (State Oil Company of Azerbaijan) has started estimating reserves of 27 fields in the Azerbaijani sector of the Caspian Sea according to the SPE-PRMS classification.
“Within the framework of cooperation with DeGolyer and MacNaughton, the calculation (reserves -IF) of 27 fields in the Azerbaijani sector of the Caspian Sea according to the SPE-PRMS classification has begun,” the company said in a statement.
SOCAR President Rovshan Najaf met with DeGolyer and MacNaughton Chairman and CEO John W. Wallace on Monday.
During the meeting, it was noted that since 2017, successful cooperation has been developing on the calculation of hydrocarbon resources of strategic fields in accordance with international standards with DeGolyer and MacNaughton, as well as field modeling.
“The meeting discussed SOCAR’s strategic goals and objectives, steps taken to optimize production and other issues of mutual interest. It was noted that further increase in efficiency and optimization are the main directions of the company’s long-term corporate strategy,” the information emphasizes.
SPE-PRMS (Petroleum Resources Management System) is the world’s most widely used system for estimating hydrocarbon reserves. The system takes into account not only the possibility of finding oil and gas in the field, but also the economic efficiency of their extraction.
Earlier, with reference to official SOCAR data, it was reported that the adjusted recoverable and projected reserves of oil with condensate and gas in Azerbaijan as of January 1, 2023 are estimated at 8.43 billion tons in oil equivalent.
As of January 1, 2023, the adjusted recoverable and projected reserves of oil with condensate in Azerbaijan amount to 2.54 billion tons, gas – 6.25 trillion cubic meters.
In general, as of January 1, 2023, a total of 2.2 billion tons of oil and 992 billion cubic meters of gas were produced in Azerbaijan.
As of January 1, 2023, 81 fields have been discovered in Azerbaijan, of which 58 are under development, and 23 fields have not been developed or have been discontinued. Of the fields under development, 39 are located onshore, 19 – offshore.
