Azerbaijan, Baku, Sept. 11 /Trend E. Aliyev/
German RWE Dea AG plans to complete talks on mining project in Azerbaijan in 2014, the company's general manager for new ventures in Europe and the CIS Martin Wellens told journalists on Wednesday.
"Currently, we are conducting intensive talks with the State Oil Company of Azerbaijan (SOCAR) on the agreement on sharing the production from Nakhchivan structure, located in the Azerbaijani sector of the Caspian Sea. We expect to complete these talks in 2014," Wellens said.
According to him, the company is focused on investing in the oil and gas sector in Azerbaijan.
"RWE is interested in carrying out the whole complex of works - exploration, development and production. Our company believes in the perspective of this structure, as well as the competence and reliability of our partners," Wellens said.
In March 2010, SOCAR and RWE signed a memorandum of understanding on offshore perspective structure Nakhchivan.
The structure's reserves are projected in the amount of 300 billion cubic meters of gas and 40 million tons of gas condensate.
The first contract on development of the perspective sea structure Nakhchivan was signed on August 1, 1997. The project participants were: ExxonMobil - 50 percent, SOCAR - 50 percent. The contract was closed due to the failure to discover commercially attractive hydrocarbons.
In 2011, French company Total announced the discovery of a large gas field on Absheron structure. According to preliminary estimates, the reserves amount to 350 billion cubic meters of gas and 45 million tons of condensate.
The field was opened on the structure on which a contract has already been concluded that was subsequently liquidated. According to the experts' estimates the opening of the Absheron field showed the perspectives of opening fields at structures, contracts on which were later closed.
