Azernews.Az

By Nigar Abbasova

Azerbaijan’s energy giant SOCAR seeks to strengthen its cooperation with the world’s leading energy companies.

Head of SOCAR Rovnag Abdullayev held a number of bilateral meetings with the representatives of large oil and gas companies of the world within his visit to the UAE, which hosted the International Petroleum Exhibition & Conference.

During the meeting with BP President Bob Dudley, the sides hailed the cooperation between SOCAR and British Petroleum. BP is considered to be one of the most reliable partners of SOCAR in the implementation of large-scale projects.

Moreover, the sides discussed the successful cooperation in Azeri-Chirag-Guneshli block of oil and gas fields, where BP acts as an operator. Also, the company acts as an operator (with a share of 28.8 percent) in the development of the Shah Deniz offshore field.

The company also operates Baku-Tbilisi-Ceyhan (BTC) pipeline, which carries oil from the Azeri-Chirag-Deepwater Gumashli (ACG) field and condensate from Shah Deniz across Azerbaijan, Georgia and Turkey. Since the establishment of its office in Baku in 1992, the company participated in a series of the upstream projects in the country.

Head of SOCAR also held meeting with Total President Patrick Pouyanné and the sides discussed successful cooperation between the companies. The company started its operations in Azerbaijan in 1996, primarily exploring for and producing oil and gas, while the discovery of Absheron field was announced in 2011. The reserve of Absheron field is estimated at 350 billion cubic meters of gas and 45 million tons of condensate. Total possesses a 40 percent share in the Absheron production sharing agreement (PCA). Moreover, SOCAR and Total earlier reached an agreement in principle to use the new generation drilling rig for the work at the Absheron gas field in the Caspian Sea.

The cooperation between SOCAR and Statoil was high on agenda during the meeting between Abdullayev and Statoil head Eldar Saetre. The sides thoroughly discussed the development of ACG field, which is considered to be the largest oilfield in the Azerbaijan sector of the Caspian Sea. Norwegian Statoil, which entered Azerbaijan in 1992, has 8.55 percent share in the project. Moreover, the sides also highlighted cooperation on the development of “Karabakh” field, as well as further investment opportunities. Projects of Statoil in Azerbaijan are among longest-lasting international investments of the company. The company also possesses 8.71 percent share in Baku-Tbilisi-Ceyhan (BTC) oil pipeline project.

SOCAR’s projects were also in the focus of attention during the meeting with Exxon mobil President Rex Tillerson , who said that the company is attentively watching the projects and interested in deepening cooperation with SOCAR. Being American multinational oil and gas corporation, Exxon mobil has had a continuous business presence in Azerbaijan since 1995 and has an 8 percent share in the Azerbaijan International Operating Consortium (AIOC), which produces hydrocarbons from the Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

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