SOCAR and Foreign Company Hold Talks on New PSA Contract
Azerbaijan, Baku, 22 October / Trend corr. V.Sharifov /The SOCAR company (the State Oil Company of Azerbaijan) holds negotiations with foreign companies to sign the PSA contract to develop offshore gas-condensate 'Bahar' field, SOCAR said. The name of the foreign company has not been announced.
At present, the main commercial principles of the further PSA contract are being agreed. A joint stock company will be established to develop the field, which will unite SOCAR and the foreign partner. The company will work over the project.
There is gas and condensate reserves in the 'Bahar' field, as well as there is an area where prospecting work is planning to carry out.
The 'Bahar' field is located 30km of Baku. At present, one of the oil and gas developing departments of SOCAR prospects the field. Over 680,000 cu m natural gas is being developed from the field per day.
The field was opened in 1968.
The correspondent can be contacted at: [email protected]