Azerbaijan’s state oil company SOCAR and Norway’s Statoil discussed the prospects of joint development of a number of fields.
The issue was key topic at a meeting between SOCAR President Rovnag Abdullayev and Statoil Executive Vice President for Development and Production International, Lars Christian Bacher, who was in Baku to attend a ceremony on the signing of agreement on the Joint Development and Production Sharing for the Azeri and Chirag fields and the Deep Water Portion of the Gunashli field on September 14.
The sides mulled prospects of joint development of the Karabakh field as well as Ashrafi and Dan Ulduzu prospective structures.
Despite the fact that Statoil left the Shah Deniz project, the company remains one of SOCAR’s main partners in the Azeri-Chirag-Gunashli project, and today there is a great opportunity for long-term cooperation on the Karabakh, Ashrafi and Dan Ulduzu fields.
The contract for developing Ashrafi – Dan Ulduzu block of structures, signed in 1997 between SOCAR (20 percent), BP (30 percent), Unocal (25.5 percent), Itochu (20 percent) and Delta HESS (4.5 percent), lost validity on March 7, 2000. Hydrocarbon reserves in the amount of 20-40 million tons were discovered at the Ashrafi field.
Initial oil reserves of the Karabakh oil and gas field, discovered in 2000, amount to 100 million tons. SOCAR operates Karabakh field’s development.
SOCAR is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea. Statoil has been operating in Azerbaijan since 1992 and is one of the largest foreign investors.
Statoil has been operating in Azerbaijan since 1992. Today Statoil has an interest in the Azeri-Chirag-Gunashli (ACG) oil field, as well as the Baku-Tbilisi-Ceyhan (BTC) pipeline—which runs from the Azerbaijan capital of Baku to the south Turkish port of Ceyhan on the Mediterranean.
Over the last two decades, Statoil Company has invested more than $6.5 billion in Azerbaijan, making it the second largest investor in the country.
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