SOCAR, Equinor discuss joint development of “Karabakh”

97

President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev has met with a delegation led by Norwegian Equinor Vice President for Exploration Tore Loseth.

The meeting discussed the development of the Karabakh field implemented by the two companies on an equal basis, as well as the implementation of the next steps in exploration projects in the promising structures Dan Ulduzu – Ashrafi – Aypara.

Representatives of Equinor expressed their determination to continue their activities in all joint projects with SOCAR in Azerbaijan and exchanged views on the current opportunities for exploration drilling in promising structures such as Aypara and Gunduz after the Karabakh field.

Norwegian Equinor (formerly Statoil) and SOCAR are cooperating in Azerbaijan on the development of the Karabakh field and the organization of exploration and production in the promising areas of Ashrafi-Dan Ulduzu-Aypara. The companies also have stakes in the Azeri-Chirag and Deepwater Gunashli (ACG) oil field development project. In May 2018, SOCAR Karabakh and Equinor signed a Risk Service Agreement on the development of the Karabakh oil field in the Azerbaijani sector of the Caspian Sea. Under the agreement, the companies have an equal share.