New oil contract signed in Azerbaijan

A joint operation company will be the operator of the project.

"The contract with DB Petroleum has been signed. The sides are carrying out works to create a joint operation company, to make the contract into force and present the paper to the parliament for ratification," SOCAR said.

Several years ago, the Polish Oil and Gas Company (POGC) have discussed with SOCAR the prospects of signing of PSA contract on rehabilitation and exploration of the onshore field.

The sides have held several rounds of talks, but no agreement has been signed.

/Trend Capital/