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Azerbaijan’s Socar signs memorandum with Lukoil on three new Caspian projects

The document was inked on the sidelines of the World Economic Forum in Davos by Socar president Rovnag Abdullayev and Lukoil Chief Executive Officer Vagit Alekperov

© AP Photo/Matt Rourke

BAKU, January 23. /TASS/. Azerbaijan’s state oil company Socar and Russia’s oil major Lukoil have signed a memorandum of understanding on cooperation in exploration at promising offshore blocks Nakhchevan, Pre-Caspian-Guba and Goshadash in the Azerbaijani sector of the Caspian Sea, press service of Socar said in a statement on Thursday.

Read also

Lukoil to sign agreement with Azerbaijan’s Socar on new Caspian projects, says CEO

"On January 22, a memorandum of understanding was signed by Socar and Lukoil on the exploration block covering the promising structure of Nakhchevan in the Azerbaijani sector of the Caspian Sea, as well as promising structures of Pre-Caspian-Guba and Goshadash in shallow waters of the sea," the statement reads.

The document was inked on the sidelines of the World Economic Forum in Davos by Socar president Rovnag Abdullayev and Lukoil Chief Executive Officer Vagit Alekperov.

The agreement on joint exploration of the oil and gas potential of the Goshadash block was signed on September 1, 2018 in Sochi as part of Aliyev’s visit to Russia.

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