Azernews.Az

By Aynur Jafarova

Azerbaijan's state energy company SOCAR and German RWE Dea will evaluate the hydrocarbon prospectivity in an area south of Baku in the Caspian Sea.

The relevant agreement on joint evaluation of an area of interest in the south of the Absheron peninsula was signed on May 6.

"The study area belongs to the South Caspian Basin where several world class oil and gas discoveries were made over the last decades," RWE said.

The objective of the study is the geological and geophysical evaluation to identify further exploration opportunities. The study area is located between Garadagh and Hamamdagh. It covers approximately 850 square kilometers and lies in shallow waters, with water depths from up to 30 meters.

The region around the Caspian Sea will play an important role in future to secure the European energy supply and is also of strategic interest for RWE Dea. Thus, RWE Dea expands its activities in the Caspian region, where the company is active since 1995.

RWE Dea AG, headquartered in Hamburg, is an international company engaged in the exploration and production of natural gas and crude oil.

The company has stakes in production facilities and concessions in Germany, the UK, Norway, Denmark, Egypt and Algeria, and holds exploration licenses in Guyana, Ireland, Libya, Mauritania, Poland, Suriname, Trinidad & Tobago, and Turkmenistan.

Moreover, in Germany RWE Dea operates large subterranean storage facilities for natural gas. RWE Dea is part of the RWE Group, one of Europe's largest energy utilities.