SOCAR Concludes Memo with Foreign Company on Offshore Field Development

Oil&Gas Materials 1 February 2007 14:21 (UTC +04:00)

The State Oil Company of Azerbaijan (SOCAR) signed a memorandum on mutual understanding with the German company Wintershall on the Asharfi prospective field, Trend reports.

Initial reports suggest, the reserves of the field are estimated at 35-40mln tons of oil and 20-25bln cu of gas.

A Production Sharing Agreement on Ashrafi вЂ"Dan Ulduzu prospective fields was signed on December 14th 1996. The participants in the project are BP - 30%, Unocal вЂ" 25.5%, Itochu вЂ" 20%, Delta Hess вЂ" 4.5% and SOCAR вЂ" 20%.