BAKU, Azerbaijan, March 11
By Leman Zeynalova - Trend:
Norway’s Equinor company is considering appropriate measures amid lower oil prices, the company told Trend.
“As a result of strong improvements in recent years, Equinor has a strong balance sheet and is in a robust position to handle volatility and periods with low prices. We have contingency plans for these kinds of scenarios, and we are currently going through the plans across all business areas and functions, considering appropriate measures,” said the company.
Equinor said it is considering all measures to capture value in a demanding market, lower cost and take advantage of flexibility in capex and project portfolio.
Equinor is an international energy company present in more than 30 countries worldwide, including several of the world’s most important oil and gas provinces.
It is the leading operator on the Norwegian continental shelf and has substantial international activities. Equinor is engaged in exploration, development and production of oil and gas, as well as wind and solar power. The company sells crude oil and is a major supplier of natural gas, with activities in processing, refining, and trading.
Since 1992 Equinor has been a partner in Azerbaijan’s industrial and economic transition. Together with the national oil company SOCAR and other international companies, we have worked both industrially and socially to build Azerbaijan’s burgeoning oil and gas market to realise its full potential.
Today Equinor has an interest in the Azeri-Chirag-Gunashli (ACG) oil field, as well as the Baku-Tbilisi-Ceyhan (BTC) pipeline—which runs from the Azerbaijan capital of Baku to the south Turkish port of Ceyhan on the Mediterranean.
On March 13, 2019, Azerbaijan’s Caspian Drilling Company Ltd. (CDC) and Norwegian Equinor Azerbaijan Karabakh BV (Equinor) signed a contract for the drilling services at Karabakh field of Azerbaijan.
In accordance with the contract, CDC will drill for Equinor two wells on the Karabakh oilfield, where Equinor serves as project Operator for Karabakh field development with participation of Azerbaijan’s state oil company SOCAR. Equinor and SOCAR each holds 50 percent stake in the project.
SOCAR and Statoil Azerbaijan (part of the Equinor group) signed a Production Sharing Agreement (PSA) for the Ashrafi-Dan Ulduzu-Aypara (ADUA) exploration area on May 30, 2018.
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