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  • SOCAR and Statoil (Equinor) agree to new joint upstream projects in the Caspian Sea
    édité le 30/05/2018 - Plus de news de "Socar" - Voir la fiche entreprise de "Socar"


SOCAR and Statoil (Equinor) agree to new joint upstream projects in the Caspian Sea
On 30th of May State Oil Company of Azerbaijan Republic (SOCAR) and Statoil Azerbaijan, part of Norway’s Equinor group signed a Risk Service Agreement (RSA) Related to the Development of the Karabagh Oilfield in the Azerbaijan sector of the Caspian Sea and an Agreement on the Exploration, Development and Production Sharing (PSA) for the Ashrafi -Dan Ulduzu -Aypara Area in the Azerbaijan sector of the Caspian Sea. Rovnag Abdullayev, President of SOCAR and Tim Dodson, Equinor’s executive vice-president for exploration signed the documents.

An appraisal well drilling in the Karabagh oilfield is scheduled for 2018, according to the terms of RSA, with commissioning of the platform and first production planned for 2021. Under the PSA, seismic acquisition will be carried out, with exploration drilling to be scheduled. To operate the projects Statoil and SOCAR will form a 50-50 joint operating company.

President of SOCAR Rovnag Abdullayev said: “Today we enter a new phase of cooperation between SOCAR and Equinor. 25 years of partnership between our companies have laid a solid foundation for efficient cooperation on the new joint projects. These agreements will take on significance, contributing to the stability of oil production and satisfying the growing demand for natural gas in Azerbaijan, while providing raw materials for the processing industry.”

Eldar Saetre, President and CEO of Equinor, said: “The agreements signed today represent a natural next step in the region. This will strengthen our position in a prolific basin and develop growth options. The licenses lie in close proximity to the ACG field in a basin we know well. We now look forward to work on these new exploration projects in partnership with SOCAR.”

The Karabagh prospective structure was identified in 1959 as a result of seismic surveys. It was specified in 1984 and confirmed in 1997-1998 through exploration drilling. The oilfield is located 120 km east of Baku, at a depth of 150-200 meters in the open sea. The exploration targets at Dan Ulduzu and Ashrafi areas are located in the Caspian Sea, 100-110 km north-east of Baku at a depth of 80-180 meters. Aypara is situated 90 km north-east of Baku in the open sea and was identified as a result of seismic surveys in 1980.

About SOCAR and Statoil in Azerbaijan

- Since 1992 SOCAR and Statoil (Equinor) have been cooperating in important joint projects, including the operating of the Azeri Chirag and Deep Water Gunashli (ACG) oil field. SOCAR has a 25% share in ACG, while Statoil Azerbaijan owns 7,27% interest.

- Statoil Azerbaijan has 8,71% interest in the Baku-Tbilisi-Ceyhan (BTC) oil export pipeline that is the main export route for the ACG oil, while AzBTC, an affiliate of SOCAR owns a 25% share in the BTC pipeline.

- Statoil Azerbaijan is part of the recently renamed Equinor group (former Statoil Group), and will be changing its name to Equinor Azerbaijan.

About Socar

SOCAR is an integrated state oil & gas company of Republic of Azerbaijan and is involved in upstream, midstream and downstream operations encompassing exploration of oil and gas fields, production, processing and transporting oil, gas and condensate, marketing of petroleum and petrochemical products in domestic and international markets and supplying natural gas to domestic and industrial customers in Azerbaijan. SOCAR has its trading companies in Switzerland, Singapore and UAE and representative offices in a number of other countries.

About Equinor

Equinor, 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.


Origine : Communiqué Socar

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