Evaluation of Umid-Babek field's reserves to continue until 2027

Umid Babek Operation Company (UBOC) and Caspian Oilfield Service (COS) have signed a contract extension of appraisal drilling operations at the Umid field of the Umid-Babek block in the Azerbaijani sector of the Caspian Sea through the end of 2027.

Neptune jack-up rig is currently drilling a subsea appraisal well on the southern flank of the Umid field at depths exceeding 7,000 meters - the deepest well in the history of SOCAR and the Umid field.

The Neptune jack-up drilling rig was delivered to Azerbaijan in June 2025.

This is also the first-ever subsea drilling operation by a jack-up rig in the Caspian region.

"The experience gained through this project is making a significant contribution to accelerating offshore gas production, deepening our understanding of existing reserves, and strengthening the knowledge and skills of UBOC's drilling engineering team in subsea operations," reads the message. "As we move into the next phase of Umid's development, our partnership with COS remains a key part of how we deliver."

Fitch Ratings noted earlier that production in the second phase of the Umid development will begin before 2027.

According to preliminary estimates by SOCAR, the Umid field's reserves in the Balakhani VIII, Fasila (B, C, D), Fasila E, Girmakiustu, and Girmakialti formations amount to 129 billion cubic meters of gas and 20 million tons of condensate.

The Umid field was discovered on November 24, 2010, and was the first gas condensate field discovered in Azerbaijan since independence. It was commissioned in 2012.

The Risk Service Contract (RSC) for the exploration and development of the Umid-Babek block was signed on January 12, 2017, and entered into force in May 2017.

As part of the RSC, the shareholders of UBOC are: SOCAR (80% stake) and Nobel Upstream (UK) (20% stake).