BAKU, Azerbaijan, December 17. The Comprehensive Drilling Works Trust (CDWT) of the State Oil Company of the Azerbaijan Republic (SOCAR) and Bahar Energy Operating Company (BEOC) have signed a Memorandum of Cooperation for the integration of drilling operations at the Bahar and Gum-Deniz fields, Trend reports, citing SOCAR CDWT.
The information notes that the projects to be jointly implemented with BEOC under this cooperation will make a significant contribution to achieving the strategic goals of both organizations.
Meanwhile, SOCAR signed a Production Sharing Agreement (PSA) in Baku on December 22, 2009, with Bahar Energy Ltd for the exploration, rehabilitation, development, and production of the offshore block that includes the Bahar and Gum-Deniz fields in the Caspian Sea.
The Gum-Deniz field, which has been in operation since 1955, is located 21 kilometers southeast of Baku, while the Bahar field has been under development since 1969 and is situated 40 kilometers southeast of the capital.