SOCAR to assess large gas field resources in Caspian Sea
Azerbaijan, Baku, June 19 / Trend, A. Akhundov /
Ernst & Young will provide the State Oil Company of the Azerbaijan Republic (SOCAR) with a 2012 audit report of SOCAR's activities till the end of June, SOCAR vice president for Financial Affairs Suleyman Gasimov told Trend on Wednesday.
According to Gasimov, in 2013 the auditor did not require the re-evaluation of the fields, developed by the company.
"We are carrying out talks with the Miller Land company, in order to begin assessment of "Umid" gas field. Our specialists who have been trained in this company have already begun the assessment. They will provide this data to Miller Land for confirmation," Gasimov said.
The evaluation of this field is important for SOCAR to start issuing bonds in the domestic securities market. The company plans to begin this process via SOCAR Umid JV, which was created to develop the "Umid" field. SOCAR has an 80 percent stake in the joint venture, 20 percent are owned by Nobel Oil.