WE Dea has signed a Joint Study Agreement with the State Oil Company of the Azerbaijan Republic (SOCAR). Both companies will evaluate the hydrocarbon prospectivity in an area south of Baku in the Caspian Sea in close cooperation.
The Joint Study Agreement was signed between SOCAR and RWE Dea regarding the joint evaluation of an area of interest south of the Absheron peninsula in Azerbaijan. The study area belongs to the South Caspian Basin where several world class oil and gas discoveries were made over the last decades.

Objective of the study is the geological and geophysical evaluation in order to identify further exploration opportunities. The study area is located between Karadag and Hamamdag. It covers approx. 850 square kilometres and lies in shallow waters, with water depths from 0 to 30 metres.

“The agreement gives us the opportunity to deepen our knowledge about the subsurface in an highly prolific area of the Caspian Sea,” said Dr. Hans-Hermann Ecke, Senior Vice President New Ventures RWE Dea AG. “We are pleased to have such an experienced partner as SOCAR by our side and we are looking forward to continue working with them,” Ecke added.

The region around the Caspian Sea will play an important role in future to secure the European energy supply and is also of strategic interest for RWE Dea. With the agreement, RWE Dea expands its activities in the Caspian region, where the company is active since 1995.

About RWE

RWE Dea AG, headquartered in Hamburg, is an international company engaged in the exploration and production of natural gas and crude oil. The company deploys state-of-the-art drilling and production technologies and puts its many years’ experience acquired to good use in its activities. RWE Dea has set new standards in the fields of safety and environmental protection.

RWE Dea has stakes in production facilities and concessions in Germany, the UK, Norway, Denmark, Egypt and Algeria, and holds exploration licenses in Guyana, Ireland, Libya, Mauritania, Poland, Suriname, Trinidad & Tobago, and Turkmenistan. Moreover, in Germany RWE Dea operates large subterranean storage facilities for natural gas. RWE Dea is part of the RWE Group, one of Europe’s largest energy utilities.

About Socar

The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate, marketing petroleum and petrochemical products in domestic and international markets, and supplying natural gas to industry and the public in Azerbaijan. Three production divisions, two oil refineries and one gas processing plant, an oil tanker fleet, a deep water platform fabrication yard, two trusts, one institution, and 22 subdivisions are operating as corporate entities under SOCAR.