Statoil and SOCAR signed a memorandum of understanding (MoU) to jointly explore and develop the Zafar-Mashal structures in the Azerbaijani sector of the Caspian Sea. The MoU defines the framework within which the companies will explore the opportunities, conduct negotiations and agree on key commercial principles and terms during the next 12 months.
The new agreement fits well with Statoil's exploration strategy of getting access at scale and focusing on high impact opportunities. Commenting, Statoil CEO Helge Lund said, "This MoU reflects our long term commitment to Azerbaijan. We are pleased that the State Oil Company of the Republic of Azerbaijan is working closely with us as we progress with our plans for the further development in the Caspian area."
"Statoil has been present in Azerbaijan for more than twenty years and this agreement is an illustration of the strength of cooperation that exists between SOCAR and Statoil. We look forward to developing new prospects in cooperation with SOCAR," said president for Statoil in Azerbaijan Lars Troen Sørensen.
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