He made the remarks June 3 at the Caspian Oil & Gas 2016 conference in Baku.
SOCAR conducts extraction at this field using its own funds, said Yusifzade adding that during this period, 153,000 tons of condensate was produced at the Umid field.
Yusifzade said also that the extraction is being conducted from two wells at the field.
"Currently, the third production well is being drilled," he added.
SOCAR`s first vice president noted that the construction and installation of four new platforms are planned within Umid field`s development.
"Drilling of 19 production wells is planned from these platforms," said Yusifzade.
SOCAR reported the discovery of the Umid field in 2010. The field`s reserves are more than 200 billion cubic meters of gas and 40 million tons of condensate, according to SOCAR`s estimates.
Reserves of the perspective Babek field may be 400 billion cubic meters of gas and 80 million tons of condensate.
SOCAR produces first 1bcm of gas from Umid field
03 June 2016
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Almost one billion cubic meters of gas has been produced since the beginning of development (2011) of the largest gas field Umid in the Azerbaijani sector of the Caspian Sea, said Khoshbakht Yusifzade, first vice president of Azerbaijan`s state oil company (SOCAR).
