SOCAR to consider project in Middle East
Azerbaijan, Baku, April 10 /Trend E.Ismayilov/
The possibilities of expanding the list of participants in the project of the exploration and development of the promising Nakhchivan structure, in the Azerbaijani sector of the Caspian Sea are being considered, a senior official of the State Oil Company of Azerbaijan (SOCAR), which is a participant in this project, said on Tuesday.
Earlier, SOCAR and German RWE signed a memorandum of understanding on the Nakhchivan project.
Proposals from various companies which are currently involved were involved, or had not previously worked in Azerbaijani projects are currently being considered.
"We are working to prepare the contract on the Nakhchivan project and it can be completed within this year," the representative of SOCAR said.
Stocks of the structure are projected at a rate not less than 300 billion cubic meters of gas and 40 million tons of gas condensate.
The contract for the development of the perspective offshore Nakhchivan complex was signed on 1 August 1997. Participants to the project were: ExxonMobil - 50 per cent and SOCAR 50 per cent. The contract was closed due to the discovery of commercially unattractive volumes of hydrocarbons. Joining of RWE to the project which is an active participant in Nabucco was a turning point.
Referring to the possible participation of SOCAR in production projects abroad, a company representative said that the company considered the possibility of participation in a mining project in one of the countries in the Middle East, "a meeting on this issue will be held in the coming days."
The representative did not specify the country where SOCAR could take part in the mining project.