Azerbaijan, Baku, July 6 / Trend E. Ismayilov /
The State Oil Company of Azerbaijan (SOCAR) and Statoil will process seismic data in the shallow waters of the north-western part of the Absheron Peninsula within six to eight months, a source at SOCAR told Trend today.
Earlier, Norwegian Statoil signed a Joint Study Agreement (JSA) with the State Oil Company of Azerbaijan (SOCAR) on a geological and geophysical work evaluation of a shallow water area north-west of the Apsheron Peninsula.
The source said that the work will cover Simal Absheron Deniz, Shimal-gerbi Absheron kechid and the coastal strip of Guba (the northern region of Azerbaijan).
Joint work envisages processing and interpretation of two and three-dimensional seismic data in the territory.
"After data processing, their interpretation will be held during a year," source said. "In total, the work will take about two years."
Statoil told Trend today that the company under contract will re-evaluate the existing geological and geophysical data by using modern technology. No work was conducted on this area.
Statoil, which entered the Azerbaijani market in 1992, is the second largest foreign investor in the country. The company has invested more than five billion dollars, and is a partner with an 8.56 per cent share in the oil producing Azeri-Chiraq-Guneshli (ACG ) field, the Shah Deniz gas field with a 25,5 per cent share and the corresponding Baku-Tblisi-Cheyhan (BTC) and South Caucasus Pipeline (SCP) pipelines.