Equinor in Azerbaijan deals

BAKU, May 30, 2018 – Equinor has struck agreements with Azerbaijan’s SOCAR for the possible development of two Caspian Sea fields, the Norwegian major, formerly known as Statoil, announced on Wednesday.

“The agreements signed today represent a natural next step in the region,” said Eldar Sætre, Equinor’s president and CEO, in a statement marking the signing of a risk service agreement covering the Karabagh oilfield and a PSA for for the Ashrafi, Dan Ulduzu, Aypara area near the Azeri-Chirag-Guneshli field. “This will strengthen our position in a prolific basin and develop growth options.”

The two companies are to form a 50-50 JV in order to operate the assets. An FID “will be taken following appraisal and engineering work,” the press release added.

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