ECONOMY
SOCAR AND RWE DEA COMPANY SIGN MEMORANDUM OF UNDERSTANDING
Baku, March 10 (AZERTAC). On March 10, RWE Group (Germany) and State Oil Company of the Republic of Azerbaijan (SOCAR) have signed a memorandum of understanding to draw up an agreement for the hydrocarbon exploration and development for the Nakhchivan perspective structure in the Azerbaijan sector of the Caspian Sea. The memorandum of understanding was signed by the President of SOCAR, Rovnag Abdullayev, and Dr. Jurgen Grossmann, Chairman of the Board of Management of RWE AG.
The Nakhchivan field is located in the Azerbaijan sector of the Caspian Sea, 90 km south from Absheron Peninsula, in water depths ranging from about 120-750 meters. It was discovered in seismic studies in 1960 and was prepared for exploration drilling in 1994.
“Europe needs access to the immense oil and gas reserves in the Caspian Sea. As a result, RWE will also be able to grow in the upstream sector. In RWE Dea, we have the necessary expertise to do so,” Grossmann said.
“The signing of the memorandum of understanding is a first step towards RWE initiating upstream activities in Azerbaijan, and we look forward to constructive collaboration with SOCAR,” said Thomas Rappuhn, Chairman of the Management Board of RWE Dea AG.
RWE Dea AG, headquartered in Hamburg, is an international company operating in the field of exploration and production of natural gas and crude oil. The company deploys state-of-the-art drilling and production technologies and puts its many years’ experience acquired to good use in its activities.
