Project Profile

Location: Turkmenistan’s section of the Caspian Sea (area disputed by Azerbaijan)
Value: US$5.8 billion
Contingent Resources: 1.4 billion barrels of oil (2C)
Production start-up: uncertain
Cyprus-registered Buried Hill was awarded a 25-year PSA in late 2008 by Turkmen authorities to develop the offshore Block 3 – located in an area disputed by Turkmenistan and Azerbaijan. The area contains an oil and gas field that was discovered by Soviet geologists. It is known as Serdar in Turkmenistan and Kapaz in Azerbaijan. Buried Hill has undertaken seismic work at Block 3, but is unable to proceed with drilling because of the territorial dispute between Ashgabat and Baku. 
Serdar contains 1.4 billion barrels of oil in 2C contingent resources. The field lies on the Apsheron sil, adjacent to and a direct analogue of the Azeri Chirag Deepwater Gunashli (ACG) fields located in nearby Azeri waters. In 2012, Buried Hill suggested that Serdar could yield a plateau production rate of 300,000 bpd. The company is hoping to farm out a 50% stake in the block to an international major.
Operator:
Buried Hill (Cyprus) with 100% interest