Azeri Oil Field Reported Dry

BAKU (Platt’s Oilgram)–An oil-field named Karabakh in the Caspian Sea off Azerbaijan is almost definitely a gas-condensate play with little if any crude–the CIPCO consortium exploring block said Monday.

The announcement was made about a week after the block’s second exploration well was disclosed to have hit only gas and condensate–not the huge amounts of oil initially expected–mirroring results of the block’s first well.

A third exploration well will probably be drilled on the block–and a decision on whether or not it is economically viable to develop and operate the block will be made after its results come in. The two wells drilled on the block have flowed roughly 750,000 cu m/d of gas and 30 to 60 mt/d of condensate.

CIPCO’s partners are Pennzoil–Luk-Agip–Agip–Lukoil and state Socar.

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