| Oil and gas |
SOCAR starts exploration works in Israeli oil-gas deposits
SOCAR has started exploration works in oil-gas deposits in territorial waters in the Israeli sector of the Mediterranean Sea.
Chief of SOCAR’s investment department Vagif Aliyev says SOCAR takes part here as contractor and drilling company: ‘SOCAR is an operator in this project, but these works are carried out by the order of Israeli company and Azerbaijani side will not invest in these projects. That is why, we do not bear any responsibility’.
According to agreement, SOCAR’s Caspian Drilling Company must drill two exploration works in Israel. But the decision on the 2nd well will depend on investors. In terms of volume of the works, the cost of the agreement will be more than $80 mln.
Preparation works for exploration have already been started. Currently, exploration site is being studied. The issues related to rent of drilling equipment have been already been solved. Drilling works will be started from September.