Umid Babek Operating

A Branch of “UMID BABEK OPERATING COMPANY” in the Azerbaijan Republic is a company owned by Umid Babek Operating Company. The company carries out activities related to exploration, development, and production. According to the Decree 2024 of the President of the Republic of Azerbaijan "On the Exploration and Development of the Offshore Block of the Umid Field and the Babek Perspective Structure in the Azerbaijani Sector of the Caspian Sea", a Risk Service agreement has been signed between the State Oil Company of the Azerbaijan Republic (SOCAR) and “SOCAR Umid Oil and Gas limited” (SOCAR-Umid). In addition to Agreement, Socar-Umid Oil and Gas Limited and Umid Babek Exploration and Production (Contractor) have signed a contract for oil and gas operations effective May 2, 2017. The branch office of the "Umid Babek Operating Company" was established in order to carry out oil and gas operations originating from the Agreement and Contract, was registered on 23 October 2017 in the Ministry of Taxes of the Republic of Azerbaijan and started operating on November 1, 2017. The Branch is responsible for the implementation of the exploration and development operations of the Umid-Babek block. The Branch carries out the production of gas-condensate from four wells at the Umid field. Currently, the final phase of engineering for the U1-20 development well is being carried out. The scope of near future projects includes engineering, design and construction of an additional offshore production platform, subsea pipelines and onshore gas-condensate processing terminal. The Branch's current focus also includes planning the first exploration well using a Jack-Up drilling rig within Babek prospective structure.