SOCAR, Equinor eye Karabakh field's development [PHOTO]

22 October 2021 12:21 (UTC+04:00)

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.

On the same day, the delegation led by Equinor's Senior Vice President for Russia and Azerbaijan Tore Loseth met with Azerbaijan's Energy Minister Parviz Shahbazov. The parties discussed Equinot's long-term activity in Azerbaijan and praised the successful cooperation in the development of the Karabakh oil deposit.

The company's role in the process of energy transformation and its activities in the field of renewable energy were also touched upon.

The sides noted the possibility of expanding successful cooperation in the field of renewable energy, especially in the realization of the country's wind energy potential at sea. It was agreed to continue the activities carried out in the field of exchange of experience and information.

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.


Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz