Turan Drilling & Engineering Co. LLC, a joint venture between KCA Deutag and Azerbaijan’s SOCAR AQS LLC, secured a $500 million contract for operations and maintenance of seven platform drilling rigs operated by BP Plc in the Caspian Sea, SOCAR AQS head said April 18.
Ramin Isayev told reporters that the contract had been awarded to Turan for five years with two one-year extension options. In this case its cost will rise to $700 million, he said. Turan will start work in May.
Isayev said the drilling rigs are at platforms used for production of oil and gas at Azeri, Chirag and Guneshli oil fields as well as Shah Deniz gas field in the Azeri sector of the Caspian Sea operated by BP-led consortium, where Azeri state energy company SOCAR is a member.
The company had initially planned to ramp up output for this first phase of the Liza project to its full capacity of 120,000 bbl/d in August.
Exxon, along with consortium partners Hess Corp. and China’s CNOOC Ltd., expects to eventually produce 220,000 barrels per day of crude from Payara.
Exxon had previously stated it planned to make a final investment decision on the Payara project around September.