Umid Babek Operating Company

A Branch of “UMID BABEK OPERATING COMPANY” in the Azerbaijan Republic is a company owned by Umid Babek Operating Company, a wholly-owned subsidiary, established and operated under the legislation of Cayman İslands. The company carries out activities related to exploration, development, production and sale of oil and gas. According to the Decree 2024 of the President of the Republic of Azerbaijan dated May 2, 2016 "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 on 17th of January 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 (Contract) for oil and gas operations. This Agreement and the Contract have been fully enforced since May 2, 2017. The branch office (Branch) of the "Umid Babek Operating Company" was established in order to carry out oil and gas operations originating from the Agreement and Contract. The branch was registered on 23 October 2017 in the Ministry of Taxes of the Republic of Azerbaijan and started operating on November 1, 2017. Currently, the Branch is responsible for the implementation of operations on the development and operation of the Umid-Babek block in connection with the implementation of the Agreement and the Contractual issues. Branch carries out exploitation of gas condensate wells 10, 14 in the Umid 1 platform of Umid field. The divisions included in the structure of the branch and SRS 1 function in accordance with the international standards. At present drilling of well # 16 is being continued at Umid 1 Platform. The scope of these projects includes engineering, design and construction of two offshore gas production platforms, subsea pipelines and onshore gas processing terminal.