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SOCAR, Equinor to ink 2 deals on fields in Azerbaijan

Oil&Gas Materials 30 May 2018 11:14 (UTC +04:00)
Azerbaijan’s state oil company SOCAR and the Norwegian Equinor will sign two agreements as part of the 25th International Caspian Oil & Gas Exhibition and Conference in Baku May 30.
SOCAR, Equinor to ink 2 deals on fields in Azerbaijan

Baku, Azerbaijan, May 30

By Maksim Tsurkov, Anvar Mammadov - Trend:

Azerbaijan’s state oil company SOCAR and the Norwegian Equinor will sign two agreements as part of the 25th International Caspian Oil & Gas Exhibition and Conference in Baku May 30.

In particular, a risk-service agreement on the Karabakh field and a production sharing and exploration agreement on the Dan Ulduzu, Ashrafi and Aypara promising structures will be signed.

The agreements envisage a 50/50 share distribution.

The contract for developing Ashrafi – Dan Ulduzu block of structures, signed in 1997 between SOCAR (20 percent), BP (30 percent), Unocal (25.5 percent), Itochu (20 percent) and Delta HESS (4.5 percent), lost validity on March 7, 2000. Hydrocarbon reserves in the amount of 20-40 million tons were discovered at the Ashrafi field.

Initial oil reserves of the Karabakh oil and gas field, discovered in 2000, amount to 100 million tons. SOCAR operates Karabakh field’s development.

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Follow the authors on Twitter: @Anvar_Mammadov , @MaksimTsurkov

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