Baku, Azerbaijan, July 18
By Leman Zeynalova - Trend:
Malaysia’s PETRONAS oil and gas company has competed the techno-commercial evaluations at a block in the potentially promising structure Goshadash in the Azerbaijani sector of the Caspian Sea, Trend learned from PETRONAS.
The company said that the memorandum of understanding related to Goshadash Block signed between PETRONAS and SOCAR has lapsed.
“Furthermore, after conducting extensive techno-commercial viability evaluations, PETRONAS has decided to not proceed with the negotiation for acquisition of the Block,” said PETRONAS.
The company said currently it has no new oil and gas project development in Azerbaijan.
PETRONAS and Azerbaijan’s state oil company SOCAR entered into a memorandum of understanding for the exploration, development and production of hydrocarbons at a block in the Caspian Sea in September 2016.
The Goshadash structure is located in the north-western part of the Absheron archipelago, in 15 kilometers from the coast, at a distance of 35-40 kilometers from Baku. The depth of water here is 10-50 meters.
Petronas holds 15.5 percent share in the project for development of Azerbaijan’s Shah Deniz field and South Caucasus Pipeline each.
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