Malaysia's national oil company Petroliam Nasional Berhad (PETRONAS) inked a memorandum of understanding (MOU) with the State Oil Company of the Azerbaijan Republic (SOCAR) to explore, develop and produce hydrocarbons from the prospective offshore Goshadash block in the country's sector of the Caspian Sea, Bernama news agency reported Saturday.
Under the MOU, PETRONAS and SOCAR will produce within 6 months a draft on the main commercial principles and terms of the production sharing agreement on the Goshadash block, located 24 miles (15 kilometers) in the north-western part of the Absheron archipelago in the Caspian Sea in water depths of 33 to 164 feet (10 to 50 meters).
PETRONAS has a presence in Azerbaijan, owning a 15.5 percent interest in the Central Asian country's Shah Deniz gas field after it acquired the stake from Norway's Statoil for $2.25 billion in October 2014.
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