SOCAR to ink contract on prospective structure in Caspian Energy
SOCAR to ink contract on prospective structure in Caspian
Azerbaijan’s state oil company SOCAR and Malaysia’s Petronas signed a memorandum of understanding on exploration, development and production of hydrocarbons at a block in the prospective offshore structure Goshadash, SOCAR said in a message Sept. 16.
The Goshadash structure is located in the north-western part of the Absheron archipelago in the Azerbaijani sector of the Caspian Sea.
According to the memorandum, the companies will within six months coordinate the main commercial principles and terms of the production sharing agreement on the project.
Petronas has a 15.5-percent share in the development of Azerbaijan’s Shah Deniz gas field and in the South Caucasus Pipeline.