Caspian Energy Journal Caspian European Club
Friday, 29 June 2018 14:00

Milli Majlis ratifies agreement

Today, Milli Majlis of Azerbaijan has ratified two agreements signed on May 30 on a parity basis by SOCAR and Statoil Azerbaijan belonging to the Norwegian group Equinor, Caspian Energy News ( reports with reference to

It involves a Risk-Service Agreement (RSA) on Karabakh field in the Azeri sector of the Caspian Sea and an Agreement on Exploration, Development and Production (PSA) for Ashrafi-Dan Ulduzu-Aypara located in the Caspian.

Parliament Vice Speaker Valeh Alasgarov, who presented the contracts, said that drilling of the appraisal well at Karabakh field had been fixed for 2018. The first hydrocarbons from this field are expected in 2021. A seismic survey with a scheduled exploratory drilling will be held in regard to the second project.

SOCAR and Statoil (Equinor) have been cooperating on major projects since 1992, including in Azeri-Chirag-Guneshli block of oil fields. Statoil Azerbaijan has a 8.71% stake in Baku-Tbilisi-Ceyhan oil pipeline, the major export route for ACG oil.

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