The study will focus on a geological and geophysical work evaluation of a shallow water area north-west of the Apsheron peninsula.
“Statoil’s recent high impact discoveries offshore Norway, Tanzania and Brazil confirm our expertise in exploration technology and show how technology can unlock vast exploration potential. The agreement with SOCAR is also an important step in deepening the cooperation between the two companies,” says Nick Maden, senior vice president for Exploration International.
“Statoil has been present in Azerbaijan for over twenty years and through this JSA we look forward to sharing our technological and exploration experience on our way to possible operatorships for Statoil in Azerbaijan,” says president for Statoil in Azerbaijan Lars Troen Sørensen.
“We believe Azerbaijan has unlocked exploration potential. We have established an exploration team in our Baku office, which is looking at the possibility of identifying new opportunities in the Azerbaijan section of the Caspian Sea. This Joint Study Agreement will require a solid commitment from both parties”, says Lars Troen Sørensen.
* Statoil entered Azerbaijan in 1992. It is the second largest foreign investor in the country. Statoil has invested more than 5 billion USD and is a partner with 8,56% share in the oil producing Azeri-Chiraq-Guneshli (ACG ) field, the Shah Deniz gas field with 25,5% share, and the corresponding pipelines Baku-Tblisi-Cheyhan (BTC) and South Caucasus Pipeline (SCP). –12D--
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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