OREANDA-NEWS. Statoil and SOCAR took a step forward in strengthening their cooperation by signing a memorandum of understanding (MoU) to jointly explore and develop the Zafar-Mashal structures in the Azerbaijani sector of the Caspian Sea.
 
The agreement was signed in Baku, by Rovnag Abdullayev, President and CEO of SOCAR (the State Oil Company of the Republic of Azerbaijan) and Helge Lund, CEO of Statoil. During his visit Helge Lund also met with the president of Azerbaijan, Ilham Aliyev, to discuss the MoU and Statoil’s role in the energy sector in Azerbaijan.

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 12 months from the date of memorandum signing.

Commenting on the agreement, Helge Lund said the signed document brings the Statoil and SOCAR partnership into a new level.

"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," says Helge Lund. 

Statoil has been successful in its exploration efforts over the last years with several high impact discoveries offshore Norway, Tanzania and Brazil. The new agreement fits well with Statoil's exploration strategy of getting access at scale and focusing on high impact opportunities.

"We look forward to share our knowledge and cooperate with our Azerbaijani partners to explore the potential of the Caspian Sea," says Helge Lund.

"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," says president for Statoil in Azerbaijan Lars Troen Sorensen.