"Umid Babek Operating Company" "Umid Babek Operating Company" Branch Office is conducting oil and gas operations for the exploration and development of the Umid-Babek offshore block, located in the Azerbaijani sector of the Caspian Sea, 75 km south of Baku. The Risk Service Contract (RSC) for the exploration and development of the “Umid-Babek” block was signed on January 12, 2017, and came into force in May of the same year. Under the RSC, the shareholders of UBOC are SOCAR (80%) and Nobel Upstream (UK) (20%). The Umid field was discovered on November 24, 2010, marking the first gas-condensate field discovered by SOCAR during Azerbaijan’s independence period. The field was put into operation in 2012. According to estimates, the total reserves of the field are approximately 200 billion cubic meters of gas and 40 million cubic meters of condensate.