Baku, Azerbaijan, Dec.21
By Leman Zeynalova – Trend:
Norway’s Statoil and Azerbaijan’s state oil company SOCAR will sign detailed agreements on cooperation, a source in Statoil told Trend.
The source said that Statoil is pleased to sign Heads of Agreements with SOCAR on December 20 on the main principles of cooperation.
“Statoil has been present in Azerbaijan for 25 years and 2017 marked an important anniversary for us. Following the extension of the Azeri-Chirag-Gunashli (ACG) contract, we are happy to take the next step and indicate our strong intention to invest in new joint upstream opportunities with SOCAR,” said the source.
The source said Statoil is looking forward to work with SOCAR on the Karabagh oilfield discovery and offshore exploration opportunities in the Caspian Sea.
“We look forward to further our partnership with SOCAR and contribute to the development of the oil and gas industry in Azerbaijan through our technologies and our way of working. The Heads of Agreements serve as a framework for further detailed commercial agreements with SOCAR. We will now focus our efforts on concluding detailed agreements,” added the source.
On December 20, Azerbaijan’s state oil company SOCAR and Norway’s Statoil signed two contracts on main principles of cooperation.
As a result of long discussions and consultations, specialists developed and agreed upon the main principles of prospective cooperation related to a Risk Service Contract (RSC) for the development of the Karabakh oil field, as well as a PSA (production sharing agreement) on various prospective structures, said a message from SOCAR.
The first contract covers issues of exploration, development and main commercial principles and provisions of the PSA on some promising structures in the Azerbaijani sector of the Caspian Sea, while the second contract covers main commercial principles and provisions of the RSC regarding the Karabakh oil field.
The Karabakh field was discovered in 2000. Its initial oil reserves amount to 100 million tons. SOCAR operates Karabakh field’s development.
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