RWE Dea and the State Oil Company of Azerbaijan Republic (SOCAR) have signed a joint study agreement to evaluate the hydrocarbon prospectivity in an area south of Baku in the Caspian Sea.
The agreement was regarding the joint evaluation of an area south of the Absheron peninsula in Azerbaijan. The study area belongs to the South Caspian Basin where discoveries have been made over the last decades.
The objective of the study is the geological and geophysical evaluation in order to identify further exploration opportunities. The study area is located between Karadag and Hamamdag. It covers sbout 850km sq and lies in shallow waters, with water depths from 0 to 30m.
“The agreement gives us the opportunity to deepen our knowledge about the subsurface in an highly prolific area of the Caspian Sea,” Hans-Hermann Ecke, SVP New Ventures RWE Dea AG said. “We are pleased to have such an experienced partner as SOCAR by our side and we are looking forward to continue working with them.”
RWE Dea said in a statement that the region around the Caspian Sea will play an important role in future to secure the European energy supply and is also of strategic interest for the firm. With the agreement, RWE Dea expands its activities in the Caspian region.