BAKU, Azerbaijan, Aug.12
By Leman Zeynalova – Trend:
The joint venture of Azerbaijan’s state oil company SOCAR and Norway’s Equinor for the Karabagh oil field has been established and the two companies each have a 50 percent share, Equinor told Trend.
“Equinor continues to work with SOCAR to progress and mature the Karabagh project, and this includes detailing a possible development solution. No investment decision has been taken by Equinor at this stage,” said the company.
Earlier, CEO of Karabakh Operating Company Tahir Dadashov told reporters that the new JV has already been registered abroad, and its branch is to be opened in Azerbaijan.
"The process will be completed in the coming days or weeks,” he said.
Moreover, an informed source in Azerbaijan’s oil and gas market told Trend that the field’s proven reserve is 60 million tons.
“It will produce 1.5 million tons of oil per year, but it is too early to predict the volume of exports from this field,” said the source.
In May 2018, SOCAR Karabagh and Equinor signed a Risk Service Agreement related to development of Karabagh Oil Field in the Azerbaijan Sector of Caspian Sea. According to the agreement, they hold equal shares.
Since 1994, SOCAR and Equinor have been cooperating in important joint projects, including the operating of the Azeri Chirag and Deep Water Gunashli (ACG) oil field.
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