Statoil, SOCAR explore develop Caspian Acreage

Statoil, SOCAR to explore and develop Caspian Acreage

7:42 AM, 9th April 2013
Statoil, SOCAR to explore and develop Caspian Acreage
The MoU was signed by Helge Lund (left), Chief Executive, Statoil and Rovnag Abdullayev, President, SOCAR.

BAKU, AZERBAIJAN: Statoil and SOCAR took a step forward in strengthening their cooperation by signing a memorandum of understanding (MoU) to jointly explore and develop the Zafar-Mashal structures in the Azerbaijani sector of the Caspian Sea. The MoU defines the framework within which the companies will explore the opportunities, conduct negotiations and agree on key commercial principles and terms during the 12 months from the date of memorandum signing.

“Statoil has been present in Azerbaijan for more than twenty years and this agreement is an illustration of the strength of cooperation that exists between SOCAR and Statoil.  We look forward to developing new prospects in cooperation with SOCAR,” said Lars Troen Sorensen, President, Statoil Azerbaijan.

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