Azerbaijan, Baku, July 10 /Trend E.Ismayilov/
Statoil signed a Joint Study Agreement with the Geophysics and Geology Department of SOCAR. The agreement in question relates to a joint study that will cover an area to the north of the Apsheron peninsula and a short part of the Guba-preCaspian where 2D and 3D data presented by Statoil or reprocessing of data performed at the request of the company will be jointly evaluated, the company said on Tuesday.
Under the contract, Statoil will hold a re-evaluation of existing geological and geophysical data with the use of modern technology. Earlier work in this area was not conducted.
Statoil, which entered Azerbaijan in 1992, is the second largest foreign investor in the country. The company has invested more than five billion dollars and is a partner with an 8.56 per cent share in the oil producing Azeri-Chiraq-Guneshli (ACG ) field, the Shah Deniz gas field with a 25.5 per cent share and the corresponding pipelines of Baku-Tblisi-Cheyhan (BTC) and South Caucasus Pipeline (SCP).