The Azerbaijan State News Agency

ECONOMY

SOCAR, UAE FIRM SIGN DEAL ON CASPIAN FIELDS

Baku, December 23 (AZERTAC). Azerbaijan’s State Oil Company SOCAR and the United Arab Emirates-based Bahar Energy Ltd signed a production-sharing agreement Tuesday on exploration, restoration, development and production sharing from the block of Bahar and Gum-Daniz energy fields in the Azerbaijan sector of the Caspian Sea.

The document was signed by SOCAR President Rovnag Abdullayev and Bahar Energy Ltd CEO Richard McDougal.

The agreement covers 25 years, with a possible extension for five more years. Gas reserves available at the energy block are estimated at 25 billion cubic meters.

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