SOCAR, Equinor eye Karabakh field's development

By Azernews

By Ayya Lmahamad

Azerbaijan's State Oil Company President Rovnag Abdullayev and Norway's Equinor Vice-President for Exploration Tore Loseth have discussed the Karabakh field's development, implemented by the companies on the basis of equal shares distribution.

During the meeting, the parties also discussed the implementation of the next stages of exploration projects carried out at the prospective structures "Dan Ulduzu", "Ashrafi" and "Aypara".

It was noted that the preliminary positive results have been achieved in an exploration project with Equinor.

Equinor representatives expressed their determination to continue their activities in all joint projects with SOCAR in Azerbaijan.

The parties also exchanged views on existing exploration drilling opportunities at Aypara and Gunduz structures.

It should be noted that Equinor and SOCAR are cooperating in Azerbaijan in developing the Karabakh field and organizing exploration and production in the promising areas Ashrafi- Dan Ulduzu - Aypara. The companies also have a stake in the Azeri-Chirag and Deepwater Guneshli (ACG) oil field development project.

In May 2018, SOCAR Karabakh and Equinor signed a Risk Services Agreement for the development of the Karabakh oil field in the Azerbaijani sector of the Caspian Sea. According to the agreement, the companies have equal shares.