Based on the analysis of seismic exploration works, the “Umid-Babak” offshore block constitutes a single block. Based on this, on May 2, 2016, by the Decree of the President of the Republic of Azerbaijan, a Risk Service Agreement was prepared on the exploration and development of the offshore block, which includes the “Umid” field and the “Babak” prospective structure, in the Azerbaijani sector of the Caspian Sea. Risk Service Agreement between SOCAR and “SOCAR Umid Oil and Gas Limited” in accordance with the Law No. 656-VQ dated May 2, 2017 of the Republic of Azerbaijan “On the exploration and development of the offshore block including the Umid field and the Babek prospective structure in the Azerbaijani sector of the Caspian Sea” and “On conducting oil and gas operations for the exploration and development of the offshore block including the Umid field and the Babek prospect structure in the Azerbaijani sector of the Caspian Sea” between “SOCAR Umid Oil and Gas Limited” and “Umid, Babek Exploration and Production” The contract was approved and their implementation was allowed. With this, the activity of “SOCAR UMID” LLC was terminated.
