Azerbaijan, Baku, March 9 / Trend , E.Ismayilov/
On March 10, SOCAR (State Oil Company of Azerbaijan) and German RWE Company will sign a memorandum of understanding for perspective offshore structure Nakhchivan in the Azerbaijani sector of the Caspian Sea, a source in SOCAR said on March 9.
"Tomorrow a memorandum of understanding between SOCAR and RWE on perspective offshore structure Nakhchivan will be signed," the source said.
According to experts of SOCAR, despite that commercially attractive reserves were not found formerly, the drilling conducted on the structure showed good results, which could indicate the presence of reserves.
The reserves on the structure are projected at 300 billion cubic meters of gas and 40 million tons of gas condensate.
The contract for the development of the perspective offshore structure Nakhchivan was signed on 1 August 1997. Participants to the project were: ExxonMobil - 50 percent, SOCAR - 50 percent. The contract was closed due to discovery of commercially unattractive volumes of hydrocarbons.