SOCAR, Statoil ink deals on main co-op principles (PHOTO) (UPDATE)
Details added (first version posted on 10:45)
Baku, Azerbaijan, Dec. 20
By Maksim Tsurkov – Trend:
Azerbaijan’s state oil company SOCAR and Norway’s Statoil have signed two contracts on main principles of cooperation, SOCAR said in a message Dec. 20.
As a result of long discussions and consultations, specialists developed and agreed upon the main principles of prospective cooperation related to a Risk Service Contract (RSC) for the development of the Karabakh oil field, as well as a PSA (production sharing agreement) on various prospective structures, the message said.
“President of SOCAR Rovnag Abdullayev and Senior Vice President of Statoil Al Cook signed two agreements on the main principles of cooperation,” the message noted. “The first contract covers issues of exploration, development and main commercial principles and provisions of the PSA on some promising structures in the Azerbaijani sector of the Caspian Sea, while the second contract covers main commercial principles and provisions of the RSC regarding the Karabakh oil field.”
At the signing ceremony, SOCAR president noted that specialists of both companies achieved positive results.
“Signing the agreement on the main principles will create a reliable basis for the implementation of future projects that will positively affect Azerbaijan’s economy,” he noted. “It is necessary to take measures to complete the work in this direction in a short time.”
The Karabakh field was discovered in 2000. Its initial oil reserves amount to 100 million tons. SOCAR operates Karabakh field’s development.