ECONOMY
SOCAR, Equinor confirm participation in development of Karabagh field, sign HSE cooperation agreement
Baku, March 31, AZERTAC
President of SOCAR Rovnag Abdullayev has met with Head of Equinor Representative Office in Azerbaijan Fawad Quraishi.
They discussed the issues related to the discovery of Karabagh oil field and exchanged views on the prospects for cooperation in new areas, including industrial safety.
On March 19, the parties confirmed the discovery of Karabagh field, a new field with 60 million tons of oil reserves, as a result of successful drilling operation. The Karabagh field is the first oil field discovered during the independence period of Azerbaijan.
During the meeting, Equinor Apsheron AS confirmed its sustainable participation in the development of Karabagh field, based on effective results.
During the meeting, SOCAR and Equinor Apsheron AS also signed a new cooperation agreement in support of their commitment to develop and strengthen collaboration in industrial and fire safety, health and environment, motor transport safety and emergency response within independent and joint projects of the two companies. The parties agreed on sharing best practices, procedures, advanced expertise, and relevant documents with regard to management of industrial and fire safety, health and environment, motor transport safety, emergency response and land transport information on best practices that contribute to reduction of accident and injury rates, minimization of the ecological footprint.
The agreement also considers sharing practices and data as related to the use of international standards on industrial and fire safety, health and environment, motor transport safety and emergency response, exchanging experience in managing pollutant emissions, including greenhouse gas, as well as arranging and holding meetings, workshops, consultations and exchanging experience in the areas of mutual interest.
Norway’s Equinor (former Statoil) and SOCAR are cooperating in several projects, including the development of Karabagh oil field, exploration and production in Ashrafi-Dan Ulduzu-Aypara prospects. The companies also hold shares in the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields in Azerbaijan.
