BP Amoco-led consortium Azerbaijan International Operating Co. expects to drill the initial well on the Inam prospect in the Caspian Sea during November.
The well, which is projected to cost about $30 million, will be spud in about 500 feet of water. BP Azerbaijan will use Socar's semi Dada Gorgud to drill the well.
The rig recently underwent a major $100 million upgrade for the upcoming Caspian well. The semi is now capable of drilling in water depths up to 3,281 feet.
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