Russia Predicts Rapid Increase in Oil Prices

Potential cooperation opportunities between the State Oil Company of Azerbaijan (SOCAR) and the Emirati company Crescent Petroleum were discussed yesterday. During a meeting between SOCAR President Rovshan Najaf and Crescent Petroleum CEO Majid Jafar, the sides exchanged information about their companies' activities. They also discussed a wide range of cooperation opportunities in various sectors of the energy industry.

The topic of a meeting between SOCAR President Rovshan Najaf, Chairman of the Board of Directors of the Slovenian company "Petrol d.d." Sasho Berger, and the CEO of "Geoplin d.o.o." Simon Urbanc was the possibility of expanding cooperation between the State Oil Company of Azerbaijan (SOCAR) and Slovenian companies in the energy sector.

The recent acquisition by the State Oil Company of Azerbaijan (SOCAR) of a 10% interest in the Tamar project (Israel) in the Mediterranean Sea and 3% in the SARB and Umm Lulu field development project (UAE) last year opens a new chapter in expanding the company’s international exploration activities, SOCAR Vice President Babek Huseynov stated yesterday at the opening of the IADC Drilling Caspian 2025 conference in Baku.

BP plans to enhance efforts to increase the oil recovery factor at the ACG (Azeri-Chirag-Gunashli) field to maximum levels, the Vice President of BP-Azerbaijan, Russell Morris, during the IADC Drilling Caspian 2025 conference and exhibition in Baku stated.