SOCAR can yield part of its share in oil producing JVs to potential investors

Oil&Gas Materials 25 November 2005 15:10 (UTC +04:00)

An issue on transfer of two joint ventures (JVs), involved in the onshore oil and gas production in Azerbaijan, to a PSA still remains unsettled, the State Oil Company of Azerbaijan (SOCAR), a part of the JVs, told Trend.

These are JVs Azgerneft (Ramani onshore field) and Anshad Petrol (Neftchala, Khilli and Babazanan).

�The experience shows work over PSA is more efficient than oil production under the joint ventures. Work in the direction of sighing of a PSA contract was underway a long,” the SOCAR noted.

In January to October 2005 Azgerneft JV produced 52,900 tons of oil, which exceeds the relevant figure of 2004. Ansgad Petrol lifted 38,200 tons in this period.

“The SOCAR is considering opportunities for yielding part of its share in the JV in case of appearance of potential investors and conclusion of PSAs,” the company said.