SOCAR Announces Merger of Two Entities

Baku / 04.10.17 / Turan: On October 4, SOCAR announced the merger of two structural subdivisions on the basis of the Production Association Azneft. This structure included LLC SOCAR-Umid.

LLC SOCAR-Umid was established in June 2008 with participation of SOCAR (80%) and offshore company Nobel Oil Exploration & Production (Federation of Saint Kitts, 20%). At establishment, the capital of the joint venture was 10,000 manat. Today the authorized capital of LLC SOCAR-Umid is 458 million 985 thousand manat.

The maritime structure of Umid is a gas field. According to exploration estimates, this field has about 200 bcm of natural gas and about 30-40 million tons of condensate. ------08D

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