SOCAR Seeking Foreign Investors for Onshore Fields

SOCAR is seeking foreign investors to develop onshore oil and gas fields. The company said the fields ought to appeal to foreign investors, especially when the main export Baku-Tbilisi-Erzurum export pipeline has been built.

SOCAR and Shengli plan execute a deal in June on the exploration and joint development of the Pirsagat oil field. Pirsagat is 100 kilometers south of Baku and contains about 10 million tons of oil. The project is estimated to cost approximately $80 million.

In total, Azerbaijan has 109 oil and gas fields, 35 of them offshore and 74 onshore.