Azerbaijan, Baku, April 3 / Trend E. Ismayilov /
SOCAR has focused on the activities in the new oil and gas structures to increase its own reserves, SOCAR head Rovnag Abdullayev said.
He said that SOCAR has been implementing a strategy since 2007. According to it, most of the fields located onshore in Azerbaijan, is being developed by the joint ventures and other smaller companies under the PSA contracts.
"SOCAR's strategy is to work on new oil and gas structures to increase the reserves," he said.
He said that the onshore fields are developed by other companies, as these deposits are less efficient and profitable. The company does not want to waste its strength and resources to develop these deposits. It intends to concentrate on larger projects.