Asset Report
Umid-Babek
Report summary
SOCAR leads the development of the large offshore Umid gas field, in partnership with Nobel Oil (Nobel Upstream). The shallow-water project is operated under a Risk Service Agreement (RSA) that was awarded in 2017. The contract area also includes the giant Babek exploration prospect.Umid has been producing since 2012. Output from the Umid-1 platform ramped up gradually to 2022, but will grow in future thanks to further drilling and a larger-capacity pipeline to shore. Investment in a second ...
Table of contents
- Key facts
-
Summary and key issues
- Summary
- Key issues
- Location maps
-
Participation
- SOCAR-Umid JV (2008-17)
-
Risk Service Agreement (RSA, 2017 onwards)
- Overview
- Nobel Oil (Nobel Upstream) participation
- Talks with potential partners
-
Geology
-
Umid
- Structure
- Reservoirs
- Babek
-
Umid
- Well data
-
Exploration
-
Umid
- Initial exploration (pre-2010)
- Umid discovery and appraisal (2010 onwards)
- Babek prospect
-
Umid
-
Reserves and resources
-
Umid
- Reported data
- Modelling
- Babek (prospective resources)
-
Umid
-
Production
- Umid
-
Development
-
Umid
- Key development metrics
- Further Umid phases
- Key dates
-
Babek
- Conceptual development
-
Umid
-
Infrastructure
-
Pipelines to shore
- Initial tie-ins via Bulla Deniz (2012 onwards)
- Dedicated pipeline to shore (2022 onwards)
-
Routes to market
- Gas
- Condensate
-
Pipelines to shore
-
Costs
- E&A costs
- Capital costs
-
Operating costs
- Field costs
- Abandonment fund payments
- Transportation costs
-
Sales contracts
- Gas
-
Fiscal and regulatory
-
Risk Service Agreement (RSA)
- Cost recovery
- Profit sharing
- Tax and depreciation
-
Risk Service Agreement (RSA)
-
Economic assumptions
- Cash flow
- Discount rate and date
- Inflation rate
-
Oil price
- Domestic sales
- Exports via BTC pipeline (future)
- Gas price
- Global Economic Model (GEM) file
- Economic analysis
Tables and charts
This report includes 26 images and tables including:
- Key facts: Table 1
- Index map
- Umid-Babek map
- Well data: Table 1
- Cash flow
- Economic analysis: Table 2
- Economic analysis: Table 3
- Split of Revenues
- Cumulative Net Cash Flow - Undiscounted
- Cumulative Net Cash Flow - Discounted at 10% from 01/01/2024
- Remaining Revenue Distribution (Discounted at 10% from 01/01/2024)
- Remaining PV Price Sensitivities
- Geology: Table 1
- Geology: Table 2
- Reserves and resources: Table 1
- Reserves and resources: Table 2
- Production: Table 1
- Production: Table 2
- Umid production profile
- Costs: Table 1
- Costs: Table 2
- Sales contracts: Table 1
- Participation: Table 1
- Infrastructure: Table 1
- Costs: Table 3
- Fiscal and regulatory: Table 1
What's included
This report contains:
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