SOCAR, ConocoPhilips sign agreement on onshore exploration
Azerbaijan, Baku, July 4 / Trend /
The State Oil Company of Azerbaijan (SOCAR) and the U.S ConocoPhilips signed "Agreement on joint research within the pre-exploratory onshore operations in Azerbaijan on July 4, SOCAR said.
The agreement was signed by SOCAR head Rovnag Abdullayev and ConocoPhilips Senior Vice President Larry Archibald within the visit of the U.S Company's delegation to Azerbaijan.
SOCAR is the State Oil Company of Azerbaijan. SOCAR's oil and gas enterprises produced 7.28 million tons of oil and more than 7 billion cubic meters of gas in 2010.
SOCAR and foreign partners are involved in such major projects as the development of the block of oil and gas fields "Azeri-Chirag-Guneshli" and Shah Deniz gas condensate field in the Caspian Sea.
SOCAR includes Azneft production association (the companies producing oil and gas onshore and offshore), "Azerkimya" industrial association (chemical enterprises), Azerigaz industrial association (gas distribution).
SOCAR is the only producer of oil products in the country (it has two refineries on its balance), and also owns petrol stations in Azerbaijan, Georgia and Ukraine. SOCAR is co-owner of the largest Turkish petrochemical complex Petkim. The company carries out the oil trade in various regions of the world through SOCAR Trading.