Statoil to reprocess data on prospective structures in Caspian Sea

Oil&Gas Materials 30 October 2013 12:10 (UTC +04:00)

Azerbaijan, Baku, Oct. 30 / Trend, E. Ismayilov /

Norway's Statoil intends to reprocess the three-dimensional seismic data from the Zafar -Mashal prospective structures in the Azerbaijani sector of the Caspian Sea, SOCAR first vice-president for geology, geophysics and mining Khoshbaht Yusufzade said at a workshop organised as part of the Days of Norway event in Azerbaijan today.

According to him, an opportunity to obtain this data and re-processing in Norway is being coordinated with the relevant agencies.

According to SOCAR, reserves at the Zafar -Mashal block could reach 300 billion cubic meters of gas and 40 million tons of condensate.

SOCAR and Statoil signed a Memorandum of Understanding on these two prospective sites in the Azerbaijani sector of the Caspian Sea in April 2013.
The memorandum was signed by the head of SOCAR Rovnag Abdullayev and Statoil's chief executive officer Helge Lund.

It envisages negotiations and the coordination of basic commercial principles and conditions of a contract for the development and conclusion of the contract within a year after its signing.
The first contract for the development of the Zafar and Mashal offshore structures was signed between SOCAR and U.S. ExxonMobil on April 27, 1999. The State Oil Company had a 50 per cent stake in the equity and ExxonMobil - 30 per cent. In 2000, the remaining 20 per cent was transferred to U.S. firm Conoco Phillips.