SOCAR to attract other contractors to develop a series of oil deposits

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Along with oil deposits with strategically important reserves, the State Oil Company of Azerbaijan (SOCAR) owns depleted fields, as well as those with hard-to-recover reserves, SOCAR Vice President for Field Development Yashar Latifov told a plenary session, Report informs.

When developing oil deposits that require funds to maintain stable production, increase production of these fields, but are not of interest from the point of view of investments within the framework of SOCAR’s overall strategy, preference is given to their development by other contractors under risky service agreements, he said.

He noted that on the basis of this, SOCAR has created an appropriate ecosystem and business environment, the purpose of which is to increase production without additional investment risks, ensure the sustainability of activities, provide citizens with jobs and solve social problems.