Azerbaijan's SOCAR Signs Deals For Caspian Fields With Equinor
BAKU, May 30 (Reuters) - Azeri state oil company SOCAR and Norway's Equinor on Wednesday signed a risk service contract for the development of the Karabakh offshore oil and natural gas field in the Caspian Sea.
The two companies also signed a product-sharing agreement for Ashrafi, Dan-Ulduzu and Aypara exploration area.
"The agreements signed today represent a natural next step in the region. This will strengthen our position in a prolific basin and develop growth options," Equinor Chief Executive Eldar Saetre said in a statement.
To operate the licences, Equinor and SOCAR will form a 50-50 joint operating company. A final investment decision on field development will be taken following appraisal and engineering work.
(Reporting by Nailia Bagirova; writing by Maria Kiselyova; additional reporting by Oslo newsroom, editing by Vladimir Soldatkin and Gwladys Fouche)
WHAT DO YOU THINK?
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.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds