President of SOCAR Rovnag Abdullayev met with Head of Equinor Representative Office in Azerbaijan Fawad Quraishi. They have discussed the issues related to the discovery of Karabagh oil field and exchanged views on the prospective cooperation in new areas, including industrial safety.

On March 19, 2020, the parties confirmed the discovery of Karabagh field, a new field with 60 million tons of oil reserves, as a result of successful drilling operation. The Karabagh field is the first oil field discovered during the independence period of Azerbaijan. During the 30 March meeting, Equinor Apsheron AS confirmed its sustainable participation in the development of Karabagh field, based on effective results.

During the meeting, SOCAR and Equinor Apsheron AS signed a new cooperation agreement in support of their commitment to develop and strengthen collaboration in industrial and fire safety, health and environment, motor transport safety and emergency response within independent and joint projects of the two companies. The parties agreed on sharing best practices, procedures, advanced expertise, and relevant documents with regard to management of industrial and fire safety, health and environment, motor transport safety, emergency response and land transport information on best practices that contribute to reduction of accident and injury rates, minimization of the ecological footprint. The agreement also considers sharing practices and data as related to the use of international standards on industrial and fire safety, health and environment, motor transport safety and emergency response, exchanging experience in managing pollutant emissions, including greenhouse gas, as well as arranging and holding meetings, workshops, consultations and exchanging experience in the areas of mutual interest.

Norway’s Equinor (former Statoil) and SOCAR are cooperating in several projects, including the development of Karabagh oil field, exploration and production in Ashrafi-Dan Ulduzu-Aypara prospects. The companies also hold shares in the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields in Azerbaijan.

About SOCAR

SOCAR is one of the leading international energy companies. In order to ensure the economic interests of the Azerbaijani people, SOCAR is a major operator and participant in a number of transnational projects across the country and abroad. The company is active in all the oil and gas industry value chains. Exploration of oil and gas fields, production, processing and transportation of oil, gas and gas condensate constitute the main part of the operations of SOCAR. SOCAR also exports natural gas, oil and petrochemical products to the country's market, as well as international markets. The company's goal is to become a vertical integrated international energy company with advanced experience in the field of effective operation, social and environmental responsibility. As an important EU energy supplier, SOCAR plays a special role in the sustainable economic development of Europe.

About Equinor

Equinor (OSE:EQNR, NYSE:EQNR), is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.