Baku, Azerbaijan, Oct.24
By Leman Zeynalova – Trend:
Azerbaijan’s state oil company SOCAR does not rule out the possibility of future joint work on the territory of Nakhchivan perspective structure together with one or another interested party, SOCAR told Trend.
The company’s remarks came in response to the question about the implementation of the memorandum signed in 2010 with German RWE on coordinating the main commercial principles and terms of exploration, development and distribution of production from the Nakhchivan perspective structure.
“The signing of a memorandum of understanding implies the beginning of the process of exchanging information so that the parties would be able to more accurately determine their interest in the project. In this sense, the agreement was implemented,” SOCAR said.
However, the company noted that at the moment, no joint work is underway at the perspective structure.
“Of course, based on this, we do not rule out the possibility of future joint work on the territory of Nakhchivan perspective structure together with one or another interested party,” SOCAR said.
On March 10, 2010, SOCAR and RWE signed a Memorandum of Understanding on coordinating the main commercial principles and terms for exploration, development and distribution of production from Nakhchivan perspective structure in the Azerbaijani sector of the Caspian Sea. In accordance with the memorandum, RWE got exclusive rights to conduct negotiations on the exploration, development and distribution of production from Nakhchivan perspective structure.
Later, SOCAR and RWE signed an agreement on the main commercial principles for the development of the Nakhchivan structure and began preparing a PSA contract.
The structure is located 90 kilometers south of the Absheron Peninsula, 55 kilometers from the coast. The depth of the sea within the structure is 120-750 meters. This structure was discovered in 1960 as a result of seismic exploration.
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