SOCAR Inks Deals for Caspian Fields with Equinor
Azeri state oil company SOCAR and Norway's Equinor on Wednesday signed a risk service contract for the development of the Karabakh offshore oil and natural gas field in the Caspian Sea.The two companies also signed a product-sharing agreement for Ashrafi, Dan-Ulduzu and Aypara exploration area."The agreements signed today represent a natural next step in the region. This will strengthen our position in a prolific basin and develop growth options," Equinor Chief Executive Eldar Saetre said in a statement.To operate the licences, Equinor and SOCAR will form a 50-50 joint operating company.
BP, SOCAR to Ink Caspian Sea Exploration Deal
Azeri state energy company SOCAR plans to sign a production-sharing agreement with BP to jointly explore prospects in a new block, D-230, in the North Absheron basin of the Caspian Sea before the end of 2017, a source at SOCAR said on Thursday. BP and SOCAR signed a memorandum of understanding on joint exploration of this block in May 2016 in a move that reflected efforts by SOCAR and foreign companies to make new discoveries in the oil-rich country. "Participants of the deal will each have 50 percent of shares in the agreement," the source, who did not want to be named, told Reuters.
25 More Years in the ACG Field
Statoil, together with co-venturers and the Azerbaijan Government sign amended and restated Azeri-Chirag-Deepwater Gunashli PSA. The Azerbaijan Government and the State Oil Company of the Republic of Azerbaijan (SOCAR) together with BP, Statoil, Chevron, INPEX, ExxonMobil, TPAO, ITOCHU and ONGC Videsh today sign the amended and restated Azeri-Chirag-Deepwater Gunashli (ACG) Production Sharing Agreement (PSA) which will be effective until the end of 2049. The agreement was signed today in Baku and is now subject to ratification by the Parliament (Milli Majlis) of the Republic of Azerbaijan.
Subsea Construction Vessel Launched in Azerbaijan
The vessel was named Khankendi by the President of Azerbaijan, H.E. Ilham Aliyev, at a ceremony in Baku Shipyard and launched by the Shah Deniz consortium. Baku Shipyard LLC, a joint venture between Keppel Offshore & Marine Ltd (Keppel O&M), State Oil Company of Azerbaijan Republic (SOCAR) and Azerbaijan Investment Company (AIC), has completed a Subsea Construction Vessel (SCV) for the Caspian region. The Khankendi will be deployed to the Shah Deniz field where it is expected to perform subsea installation and construction work over the next eleven years. The SCV was specifically
IKM Cleandrill to Start Operations in Azerbaijan
Cleandrill is slated to begin its first offshore operations in the Caspian Sea in early 2018, after having been awarded a contract for riserless mud circulating system services by Total E&P ABSHERON BV on behalf of Joined Operating Company for Absheron Project (JOCAP), a 50/50 joint venture between SOCAR and Total. IKM said the contract will include the installation of its MRR500 mud recovery system onto a new semisubmersible drill rig, and provision of subsea drilling fluid pumping services as part of Absheron Project’s drilling campaign in the Republic of Azerbaijan. IKM added it is
BP & SOCAR Deal to Explore Shallow Water Absheron Peninsula
BP and SOCAR (the State Oil Company of the Republic of Azerbaijan) today signed a new production sharing agreement (PSA) to jointly explore for and develop potential prospects in the shallow water area around the Absheron Peninsula in the Azerbaijan sector of the Caspian Sea. This new agreement is part of the government’s plan to ensure that all of Azerbaijan’s offshore areas are fully explored. The PSA was signed by Rovnag Abdullayev, President of SOCAR, on behalf of the government of the Republic of Azerbaijan, and Gordon Birrell, BP’s Regional President
SOCAR Issues Tender for 2Caspian Sea Gas Deposits
Azerbaijan state energy company SOCAR has issued a tender for the joint exploration of two major gas deposits in the Caspian Sea with total preliminary reserves of about 600 billion cubic metres (bcm), SOCAR's first vice-president said. The tender is for the Umid and Babek gas deposits, Khoshbakht Yusifzade told reporters. SOCAR said in 2010 it had found at least 200 bcm of gas at the Umid field in the Caspian Sea, describing it as the largest discovery since the giant Shah Deniz deposit that was operated by a consortium of companies led by BP and was estimated to contain 1.2 trillion cubic
RWE, SOCAR to Study Potential for Oil off Azerbaijan
German utility RWE said it had signed an agreement with Azeri state energy company SOCAR to examine the potential for oil and gas under the shallow waters off Azerbaijan's Caspian coast. RWE said on Wednesday the joint study would make a geological and geophysical evaluation in order to identify exploration opportunities in the area, which covers 850 square kilometres off the Absheron peninsula, south of Baku. RWE did not provide an estimate of the area's reserve potential other than to say the basin is near other "world class oil and gas discoveries". "Th
Fugro Signs Joint Venture Agreement with SOCAR
Fugro has reached agreement with The State Oil Company of the Azerbaijan Republic (SOCAR) to form a new Joint Venture for the performance of bathymetric, geophysical and geotechnical surveys, the provision of autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs), diving services and general positioning support, both onshore and offshore, throughout the Republic of Azerbaijan. The agreement to form SOCAR-FUGRO LLC, in which Fugro has a 49% interest and SOCAR a 51% interest, builds upon the original agreement signed in 1995 to establish Azeri-Fugro Ltd. when Fugro first commenced
February 2024
