Equinor signs new agreements in Azerbaijan
STAVANGER -- Statoil Azerbaijan (part of the Equinor group) and Azerbaijan’s state oil company SOCAR have signed a Risk Service Agreement (RSA) related to the appraisal and development of Karabagh oilfield and a Production Sharing Agreement (PSA) for the Ashrafi, Dan Ulduzu, Aypara area.
Karabagh oilfield is located 120 km east of Baku, close to the SOCAR operated Shallow Water Gunashli (SWG) field and the BP operated Azeri Chirag Gunashli (ACG) field, in which Statoil Azerbaijan has a 7.27% interest.
The Ashrafi, Dan Ulduzu, Aypara exploration area is located around 100-110 km northeast of Baku.
To operate the licences Statoil Azerbaijan and SOCAR will form a 50-50 joint operating company. A final investment decision on field development will be taken following appraisal and engineering work.
The agreements are subject to customary conditions and approval by the authorities.
