The State Oil Company (SOCAR) plans to draw foreign investments for developing the “Babek”, “Ashrafi-Dan Ulduzu”, “Umud” and “Karabakh” oil fields, the SOCAR president Natik Aliyev told Trend.
"I think a positive conjuncture formed for this today. The oil price grows. What was not profitable for foreign companies yesterday, looks differently today”, he noted.
Resumption of prospecting and exploration works on these perspective structures was reflected in the "State Program on Development of Fuel and Energy Complex of the Azerbaijan Republic (2005-2015)".
These works are planned to implement in 2006- 2010. Fulfillment of the works planned in the state program is entrusted to the Ministry of Industry and Energy and SOCAR. By some appraisals, deposits of hydrocarbons on the “Babek” structure may be over 300 million tons of the oil equivalent.