SOCAR, Statoil sign joint study agreement

06.07.2012 [19:14]
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Baku, July 6 (AZERTAC). Norwegian Statoil signed a Joint Study Agreement (JSA) with the State Oil Company of Azerbaijan (SOCAR) on a geological and geophysical work evaluation of a shallow water area north-west of the Absheron Peninsula, Statoil Azerbaijan said in its statement.

According to senior vice president for Exploration International in Statoil Nick Maden, the agreement with SOCAR is also an important step in deepening the cooperation between the two companies.

"Statoil has been present in Azerbaijan for over twenty years and through this JSA we look forward to sharing our technological and exploration experience on our way to possible operatorships for Statoil in Azerbaijan," President for Statoil in Azerbaijan Lars Troen Sorensen said.

According to Sorensen, the company has established an exploration team in our Baku office, which is looking at the possibility of identifying new opportunities in the Azerbaijan section of the Caspian Sea, and this JSA will require a solid commitment from both parties.

Statoil, which entered Azerbaijan in 1992, is the second largest foreign investor in the country. The company has invested more than five billion dollars, and is a partner with 8,56 percent share in the oil producing Azeri-Chiraq-Guneshli (ACG ) field, the Shah Deniz gas field with 25,5 percent share, and the corresponding pipelines Baku-Tblisi-Cheyhan (BTC) and South Caucasus Pipeline (SCP).

SOCAR, Statoil sign joint study agreement

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