The State Oil Company of Azerbaijan (SOCAR) and Norway’s Equinor (ex-Statoil) signed in Baku two contacts for development of areas in the Azerbaijani sector of the Caspian Sea.
The contracts were signed within the framework of the 25th Anniversary Caspian International Oil & Gas Conference.
The documents were signed by SOCAR president Rovnag Abdullayev and Equinor’s executive vice president for field exploration Tim Dodson.
The first document is a PSA (Production Sharing Agreement) type contract for exploration & development of a block of promising structures Dan-Ulduzu-Ashrafi-Aipara and the second one for development of Karabakh field.
Drilling operations at the Karabakh field are scheduled for 2018 and production for 2021.
Under the signed agreements, SOCAR and Equinor will establish an operating company on parity terms.
