home . news & publications . Investment News . Azerbaijan’s Umid Gas Field in Caspian Starts Output, SOCAR Says

Azerbaijan’s Umid Gas Field in Caspian Starts Output, SOCAR Says

State Oil Company of Azerbaijan started pumping natural gas from the Umid field in the Caspian Sea, company President Rovnaq Abdullayev said.

Daily production from the deposit, 40 kilometers (25 miles) off the Azeri coast, is 1 million cubic meters of gas and 200 metric tons of condensate, or light oil, Abdullayev said in Baku.

Azerbaijan announced the discovery of Umid, which means Hope, in November 2010. It's estimated to contain 200 billion cubic meters of gas and 40 million tons of condensate, and is among Caspian fields that may boost energy supplies to Europe as the region seeks to reduce reliance on Russian fuel.

Source: Bloomberg

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