Rovnag Abdullayev, the President of the State Oil Company of Azerbaijan (SOCAR), stated in his speech on local television channel AzTV that the Geophysical and Geological Department of the State Oil Company of Azerbaijan (SOCAR) intends to conclude a contract on the implementation of research on the Russian and Kazakh sections of the Caspian Sea.
At present the department is considering exploring opportunities in North Africa, as well as different foreign countries.
SOCAR adopted a program on the development of geophysics and geology of Azerbaijan.
The project envisages approval $200-250mln for financing of the purchase of new devices and the training of personnel. The SOCAR President stated.