RWE Dea, SOCAR sign Joint Study Agreement
Baku, Azerbaijan, May 6
By Aygun Badalova -Trend:
The German RWE Dea has signed a Joint Study Agreement with Azerbaijani State Oil Company (SOCAR) on evaluation of the hydrocarbon prospectivity in an area south of Baku in the Caspian Sea, RWE reported on May 6.
The main goal of the agreement is to identify further exploration opportunities in the study area, which is located between Karadag and Hamamdag. It covers approximately 850 square kilometres and lies in shallow waters, with water depths from 0 to 30 metres.
"The agreement gives us the opportunity to deepen our knowledge about the subsurface in an highly prolific area of the Caspian Sea," said Dr. Hans-Hermann Ecke, Senior Vice President New Ventures RWE Dea AG.
"We are pleased to have such an experienced partner as SOCAR by our side and we are looking forward to continue working with the company," Ecke added.
The region around the Caspian Sea will play an important role in future to secure the European energy supply and is also of strategic interest for RWE Dea, the company's statement said.
With the agreement, RWE Dea expands its activities in the Caspian region, where the company is active since 1995.