| Oil and gas |
SOCAR and Statoil sign Joint Study Agreement
SOCAR has signed Joint Study Agreement (JSA) with Statoil.
The study will focus on a geological and geophysical work evaluation of a shallow water area north-west of the Apsheron peninsula.
“Statoil’s recent high impact discoveries offshore Norway, Tanzania and Brazil confirm our expertise in exploration technology and show how technology can unlock vast exploration potential. The agreement with SOCAR is also an important step in deepening the cooperation between the two companies,” says Nick Maden, senior vice president for Exploration International.
“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,” says president for Statoil in Azerbaijan Lars Troen Sørensen.
“We believe Azerbaijan has unlocked exploration potential. We have 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. This Joint Study Agreement will require a solid commitment from both parties”, says Lars Troen Sørensen.
Statoil entered Azerbaijan in 1992. It is the second largest foreign investor in the country. Statoil has invested more than 5 billion USD and is a partner with 8,56% share in the oil producing Azeri-Chiraq-Guneshli (ACG ) field, the Shah Deniz gas field with 25,5% share, and the corresponding pipelines Baku-Tblisi-Cheyhan (BTC) and South Caucasus Pipeline (SCP).