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SOCAR and Equinor confirm participation in the development of Karabagh field, sign an HSE cooperation agreement

On March 30, 2020, President of SOCAR Rovnag Abdullayev met with Head of Equinor Representative Office in Azerbaijan Fawad Quraishi. They have discussed the issues related to the discovery of Karabagh oil field and exchanged views on the prospective cooperation in new areas, including industrial safety.
On March 19, 2020, the parties confirmed the discovery of Karabagh field, a new field with 60 million tons of oil reserves, as a result of successful drilling operation. The Karabagh field is the first oil field discovered during the independence period of Azerbaijan. During the 30 March meeting, Equinor Apsheron AS confirmed its sustainable participation in the development of Karabagh field, based on effective results.

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SOCAR, Equinor confirm discovery of Karabagh Oil Field in Azerbaijan

SOCAR and Norway’s Equinor have confirmed a discovery of Karabagh field located 120 kilometers offshore, east of Baku, in the Azerbaijan sector of the Caspian Sea.
Drilling of the first appraisal well at Karabagh oil field was started on December 23, 2019. The well was drilled in water depth of 180 meters by the Dada Gorgud semi-submersible drilling rig operated by SOCAR’s Caspian Drilling Company (CDC). The reservoir is at a depth of approximately 3.4 kilometers. Estimated size of the discovered volumes of oil and gas are satisfactory for pursuing commercial development of the Karabagh field.

SOCAR’s President, Rovnag Abdullayev said: “Karabagh is the first oil field discovered during the independence period of our country and its oil reserves estimated more than 60 million tons. The successful delivery of the appraisal well to the target safely and on time is the result of effective collaboration of SOCAR and Equinor. Development of the Karabagh field will significantly contribute to Azerbaijan’s oil incomes. The field proudly bears the name of the heart of our Motherland - Karabagh.” .

The Karabagh prospective structure was identified in 1959 as a result of seismic surveys. It was specified in 1984 and its oil and gas reserves were confirmed in 1997-1998 through exploration drilling. The oilfield is located 120 km east of Baku, at a depth of 150-200 meters in the open sea.

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SNAM AND SOCAR SIGN AN AGREEMENT TO PROMOTE SUSTAINABLE ENERGY

Prospective collaboration on biomethane, hydrogen and sustainable mobility. Possible developments regarding delivery of green gas through the Southern Gas Corridor including the Trans Adriatic Pipeline (TAP)


Rome, 20 February 2020-Snam, one of the world’s leading energy infrastructure companies, and SOCAR, a State-owned energy company of the Republic of Azerbaijan operating in Azerbaijan and other countries, signed a cooperation agreement today to study the development of renewable gases and use of sustainable energy, with a view to their delivery through the Southern Gas Corridor including Trans Adriatic Pipeline (TAP) in the future. Both companies own a 20% stake in TAP and SOCAR is a major shareholder of the other Southern Gas Corridor projects.

The agreement was signed today in Rome by the representatives of Snam and SOCAR, in the presence of Italy’s prime minister Giuseppe Conte and the president of the Republic of Azerbaijan Ilham Aliyev, during the Azerbaijani State visit to Italy.

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SOCAR and Sumgait Technology Park established joint venture

On February 19, SOCAR and Sumgait Technology Park (STP) signed a joint venture agreement. The new joint venture, called SOCAR-STP, will manage the production of the largest mechanical equipment workshop and heavy crane plant in the CIS region. The agreement was signed by Emin Mammadov, General Director of STP and Yashar Latifov, SOCAR Vice President. SOCAR President Rovnag Abdullayev attended the signing ceremony.
The establishment of a joint venture aims to improve cooperation between the global brand of SOCAR and Sumgait Technology Park, one of the country's largest industrial complexes, to further develop the material and technical base in the oil and gas sector and ensure the use of advanced technologies, technical services and expert exchanges. The joint venture aims to increase local production capacity to meet international standards, to become a leading and competitive company offering oil and gas equipment and technology services in the CIS and broader markets.

The key strength of the new joint venture is the combination of professional and experienced technical personnel, industry competencies and modern equipment that meet current market requirements.

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The State Oil Company of Azerbaijan… at a glance

Discover SOCAR

The State Oil Company of the Azerbaijan Republic (SOCAR) is involved in exploring oil and gas fields, producing, processing, and transporting oil, gas, and gas condensate.

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International ratings

When investors and credit organizations wish to cooperate with any company, first of all the international rating of the company in discussion is reviewed.

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