SOCAR and Equinor discuss prospects of cooperation


January 21, Fineko/ President of the State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev held a meeting with a delegation led by Al Cook, Executive Vice President for Exploration & Production International at Equinor.

SOCAR informs that the parties discussed the progress of the Karabakh project, in which the companies have equal equity participation, as well as issues of planning exploration work in the promising structures Dan Ulduzu-Ashrafi-Aipara.

Seismic surveys carried out in structure Aipara allow assuming the presence of oil & gas reserves of industrial significance in the structure.

The sides also exchanged views about other areas of cooperation between the companies, including about oilfield block Azeri-Chirag-Deepwater Guneshli (ACG).

Norway’s Equinor (formerly Statoil) and SOCAR are cooperating in the development of the Karabakh field in Azerbaijan and the organization of exploration and production at the promising fields Dan Ulduzu - Ashrafi - Aipara. The companies also have a stake in the development project of the field block Azeri - Chirag - Deepwater Guneshli (ACG).

In May 2018, SOCAR Karabakh and Equinor signed a risky service contract for the development of the Karabakh field in the Azerbaijani sector of the Caspian Sea. Companies have equal equity stakes in the project.