OMV studies South Caspian Basin
Azerbaijan, Baku, June 3 / Trend /
Austrian oil company OMV expressed interest in finding and developing new oil and gas fields in the South Caspian Basin, the Geology Institute of Azerbaijani National Academy of Sciences (ANAS) said in its report on Friday.
"In this regard, the OMV and the Geology Institute signed an agreement to provide scientific consultative assistance in late 2010," the report said.
Under this contract a group of the Institute's scientists under the leadership of the ANAS corresponding member, Professor Akbar Feyzullayev visited OMV head office in Vienna, where a series of scientific reports reflecting main features of the geological structure, development history and oil and gas content of the South Caspian Basin were delivered.
Earlier, the State Oil Company of Azerbaijan (SOCAR) and OMV signed a memorandum of understanding on cooperation. Under the memorandum the sides will consider the main possible directions of cooperation, in particular the OMV's intention to participate in mining projects in Azerbaijan.