It is situated in the South Caspian Sea, off the coast of Azerbaijan, approximately 75 kilometres (47 mi) southeast of Baku, at a depth of 170 metres (560 ft).
[7] The discovery of 200 bcm and 30-40 million tons of condensate (around 270-360mn bbl) initially forecasted by Khoshbakht Yusifzadeh was announced by SOCAR on November 24, 2010 after successful drilling at 6,500 metres (21,300 ft) on exploration platform Umid-1.
The State Oil Company has managed to develop this large gas field on its own for the first time in recent years.
"[11] The joint venture of SOCAR with Nobel Oil Group drilled three wells in the Umid gas field since 2012.
[15] In October 2014 SOCAR and Nobel Oil Group decided to stop all drilling due to "technical problems in the production process",[16] and announced a new international tender for a fresh foreign partner to lead the way and create a new strategy.
[19] [20] According to the wishes of SOCAR and Nobel Oil Group the new foreign partner must have not only the skills and experience of deep-water offshore drilling, but also have available cash reserves.
[27] It has been reported that Statoil was negotiating in 2013 to take a major role in developing a cluster of Umid, Babek, Zafar and Mashal fields.
[29] "In 2014, the price of 1000 cubic meters (cm) of exported gas by SOCAR was $166.89, while this figure in 2013 was $231.29, which marks an 28 percent increase."