SOCAR HOLDS TALKS WITH 6 FOREIGN COMPANIES ON OIL FIELDS DEVELOPMENT
The State Oil Company of Azerbaijan (SOCAR) holds negotiations with a number of foreign companies on rehabilitation and further development of some on-shore oil fields of Azerbaijan, head of SOCAR Natig Aliyev told a news conference on 12 August, Trend reports.
According to him, the interest is today displayed by up to 6 companies, from the USA, China, and Europe. В"They want to rehabilitate the old oil fields and extract oil, but the main condition we put in front of them is to create amenities, to reclaim oil polluted areas, cleaning and etc. вЂњ, he pointed out.
Touching upon the oil and gas operations on the sea, the SOCAR head said, it is very risky to carry out prospecting works today and it requires a lot of investments. There is a necessity to use new technologies and modern drilling rigs.
вЂњFor instance, ExxonMobil drilled on вЂњNakhchevanвЂќ one exploration well and its cost was $80 million. We consider вЂњNakhchevan an oil and a gas structure. ExxonMobil looks at it commercially and therefore they do not continue works thereвЂќ, he said.
Head of SOCAR noted it is very valuable today for the State Oil Company to get geological and geophysical data on the structures of the Caspian Sea on the account of foreign investments. В"And we shift this risk to foreign companiesвЂќ, he said.