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BAKU, Sept 10 (Reuters) - Azerbaijan state energy companySOCAR has issued a tender for the joint exploration of two majorgas deposits in the Caspian Sea with total preliminary reservesof about 600 billion cubic metres (bcm), SOCAR's firstvice-president said.
The tender is for the Umid and Babek gas deposits,Khoshbakht Yusifzade told reporters.
SOCAR said in 2010 it had found at least 200 bcm of gas atthe Umid field in the Caspian Sea, describing it as the largestdiscovery since the giant Shah Deniz deposit that was operatedby a consortium of companies led by BP and was estimatedto contain 1.2 trillion cubic metres of gas.
SOCAR has produced 390 million cubic metres of gas and65,000 tonnes of condensate at Umid since 2010, but the companyhad faced technical problems in the production process, a sourceat SOCAR said.
"That's why the company decided to announce a tender for joint exploration," the source, who did not want to be named,told Reuters.
The source said average daily production at Umid had fallen to 630,000 cubic metres this year from 638,000 cubic metres in2013 and 1.5 million cubic metres in 2012.
Babek has estimated reserves of 400 bcm of gas and 80million tonnes of condensate.
Azerbaijan's total gas reserves are estimated at 3-5trillion cubic metres. The ex-Soviet republic is being courtedby the West for its energy reserves in the Caspian Sea as Europesees Azeri gas as an alternative to its reliance on Russia. (Reporting by Nailia Bagirova; Writing by Margarita Antidze;Editing by Susan Thomas)
