SOCAR President Rovnag Abdullayev has held a meeting with Statoil’s General Vice President Al Cook.
SOCAR reports that the sides agreed on cooperation in the sphere of exploration, development and sharing of production from a number of promising areas in the Caspian Sea and development of Karabakh oil field.
“One of the agreements features coordination of commercial principles between SOCAR and Statoil and regulations of the contract on exploration, development and sharing of production from a number of promising areas in the Azerbaijani sector of the Caspian Sea. The second document envisages the agreement of the companies on the main commercial principles and risk-service regulations of the contract on development of Karabakh oil field,” the statement reads.
The reserves of the Karabakh field are estimated at 16 mln tonnes of oil and 28 bn cubic meters of gas. The field locates 130 km east of Baku. The sea depth in the area of the field makes 180 meters.
