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New oil contract signed in Azerbaijan

Oil&Gas Materials 1 June 2009 16:17 (UTC +04:00)

Azerbaijan, Baku, June 1 / Trend , V.Sharifov/

The State Oil Company of the Azerbaijan Republic (SOCAR) and Dubai DB Petroleum signed a PSA contract on rehabilitation and exploration of the Buzovna-Mashtaga field in Baku, SOCAR reported on June 1.

A joint operation company will stand the operator of the project.

"The contract with DB Petroleum has been signed. The sides are carrying out works to create a joint operation company, to make the contract into force and present the paper to the parliament for ratification," SOCAR said.

Several years ago, the Polish Oil and Gas Company (POGC) have discussed with SOCAR prospects of signing of PSA contract on rehabilitation and exploration of the land field.

The sides have held several rounds of talks, but no agreement has been signed.

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