State Oil Company of Azerbaijan Republic (SOCAR) is examining a number of projects on performing geophysical studies outside Azeri sector of Caspian Sea and outside Caspian Sea as whole, reportedly said Hoshbakht Yusifzadeh, first vice-president for geology and geophysics, SOCAR.
Yusifzadeh said SOCAR is currently examining offers from Kazakhstan, Saudi Arabia and other countries. SOCAR has set the aim of expansion of Azeri geologists operation geography. Usually all such studies in Caspian Sea were performed by Azeri experts that discovered significant number of oilfields.
At the moment SOCARs executives are discussing the program for development of geology and geophysics. They suggest purchasing equipment, repairing vessels and training of experts to performs geophysical studies at sea. The program cost estimate is nearly $250mln.
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