Socar tallies up giant Umid field

Big find: says Socar of Umid in the Caspian Sea

REUTERS

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By News Wires

 24 November 2010 15:38 GMT

Azerbaijan said today it had found at least 200 billion cubic metres of gas at the Umid field in the Caspian Sea, describing it as the largest discovery since the giant Shah Deniz deposit.



"It's the second biggest gas site after Shah Deniz that has been discovered since independence," Rovnag Abdullayev, president of state energy company Socar said, adding that the company had informed Azeri President Ilham Aliyev.

Socar first vice-president Khoshbakht Yusifzade said exploration, begun in 2009, had confirmed a preliminary estimate of 200 Bcm, but said that additional wells would be drilled for a more precise picture of total reserves.

The ex-Soviet republic is being courted by the West and Russia for its energy reserves in the Caspian Sea, and is a key…

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