The State Oil Company of the Azerbaijan Republic (SOCAR) and German RWE Dea have signed a Joint Study Agreement that will see the two companies evaluate the hydrocarbon prospectivity in an area south of Baku in the Caspian Sea in close cooperation.
The study area belongs to the South Caspian Basin where several world class oil and gas discoveries were made over the last decades.
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 approximately 850 square kilometres and lies in shallow waters, with water depths from 0 to 30 metres.
“The agreement gives us the opportunity to deepen our knowledge about the subsurface in an highly prolific area of the Caspian Sea,” said Hans-Hermann Ecke, Senior Vice President New Ventures RWE Dea AG. “We are pleased to have such an experienced partner as SOCAR by our side and we are looking forward to continuing working with them,” Ecke added.
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 RWE Dea. With the agreement, RWE Dea expands its activities in the Caspian region, where the company has been active since 1995.