SOCAR and Statoil ink on main principles of promising cooperation

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    SOCAR Tower has hosted a meeting between SOCAR President Rovnag Abdullayev and Statoil Senior Vice President Al Cook.

    Report informs referring to the company, the main principles of prospective cooperation have been developed and agreed by experts as a result of long-term discussions and consultations on the exploration, development and production sharing, risk services related to the development of ”Karabakh” field.

    SOCAR President R. Abdullayev and Statoil Senior Vice President A. Cook signed two agreements on the main provisions of prospective partnership between the companies. The signed documents cover exploration of some promising areas in the Azerbaijani sector of the Caspian Sea, main commercial principles and provisions of the Production-Sharing Agreement (PSA), as well as the main commercial principles and provisions of “Karabakh” oilfield risk service agreement.

    At the signing ceremony SOCAR President said that the specialists worked productively and achieved positive results: “The signing of the basic principles creates a solid foundation for future projects that will bring new value to our economy. Relevant measures should be taken to complete the work done in this direction in a short period of time”.

    Norwegian ambassador to Azerbaijan Bård Ivar Svendsen said that cooperation with Azerbaijan has a long history: “Statoil has been operating successfully in Azerbaijan for 25 years. Norwegian government attaches great importance to Statoil’s energy projects”.

    Statoil Senior Vice President underlined the importance of efficient and productive cooperation with SOCAR in energy projects, as well as in socially significant events and said that the operations under the ACG project were carried out in accordance with the world standards. At the end, he thanked the SOCAR management and team of specialists for high-level cooperation.

    Notably, SOCAR is also working with Statoil, a long-term partner in the development of oil and gas fields in Azerbaijan, to attract new foreign investment into the country. Planned works in “Karabakh” oil field and other prospective areas are regarded as important projects in Azerbaijan to keep oil production stable and increase gas production.

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