SOCAR Head: Company considers participation in foreign projects
Kazakhstan, Astana, June 6 / Trend A.Maratov E.Ismayilov /
The State Oil Company of the Azerbaijan Republic (SOCAR) is considering various options for participation in production projects abroad, but it also focuses on the perspective structures available in Azerbaijan, SOCAR Head Rovnag Abdullayev told Trend in Astana.
"As the oil and natural gas company, we are always looking for and consider assets around the world [...]. There exist structures abroad, opportunities to develop them, but we make faocus on our own structures," Abdullayev said.
Today, Azerbaijan has a lot of perspective structures, which require research and development. The company has been conducting a long exploratory drilling, geological and geophysical work in Azerbaijan to increase its own oil and gas reserves, he said.
Particularly, SOCAR is conducting a research on the Babak perspective structure in the Azerbaijani sector of the Caspian Sea. The structure's reserves are projected at 500-700 billion cubic meters of gas and 150 million tons of gas condensate in case of its opening.
Moreover, SOCAR in cooperation with the French Total is drilling on the Absheron prospective structure. Earlier, the contract was signed between SOCAR and BP on the Shafag and Asiman fields. Work with Germany's RWE is underway on the Nakhchivan structure.