Statoil, SOCAR to Jointly Explore, Develop New Caspian Area

Statoil, SOCAR to Jointly Explore, Develop New Caspian Area

Norway's Statoil ASA and Azerbaijan's state energy firm SOCAR signed a deal Monday on exploring and developing a new offshore area in the Caspian Sea.

The memorandum of understanding, signed in Baku by the companies' chief executives, sets the framework for exploring opportunities, conducting negotiations and agreeing key commercial terms in the next 12 months, the two companies said in a joint statement.

The two blocks in the agreement--Zafar and Mashal--are estimated to hold around 140 million metric tons of oil.

Statoil is already a partner in Azerbaijan's giant Shah Deniz field and the Azeri-Chirag-Guneshli field in the Caspian.

Copyright (c) 2012 Dow Jones & Company, Inc.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
Intelligence & Risk Assessment Analyst
Expertise: Legal|Risk Management
Location: San Ramon, CA
Land GIS Spatial Analyst - Mineral Land
Expertise: Contracts Engineer|Geologist|Lease Analyst
Location: Denver, CO
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours