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Caspian Drilling Company to take part in two Israeli fields

Posted by:Lisa Time:2012.09.13 08:02

Caspian Drilling Company (a subsidiary of the State Oil Company of the Azerbaijan Republic – SOCAR) will take part in two oil fields of Israel.
Victor Baryudin, Director of the section for engineering and inspection of the Israeli Energy Ministry, said that there is no political background in Azerbaijan’s taking part in the project. The official said that CDC was chosen for its professionalism in exploration for oil and extractions at the Caspian Sea. It does differ from the Mediterranean Sea.

The Israeli oil reserves lie about 7,000 meters deep, 1,600 meters is the water level.
CDC said in the contract that political or other obstacles complicating the company’s work would deprive the company of having to compensate losses.

Relations between Israel and Azerbaijan are developing very fruitfully. Israeli economic media resources say that the volume of CDC’s fields is uncertain.
The Azerbaijani company will receive 5 % of the license of the Med Ashdod group of oil fields in the southern part of Israeli waters.



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