SOCAR And RWE Dea Sign Joint Study Agreement
The German RWE Dea has signed a Joint Study Agreement with Azerbaijani State Oil Company (SOCAR) on evaluation of the hydrocarbon prospectivity in an area south of Baku in the Caspian Sea.
The main goal of the agreement is to identify further exploration opportunities by conducting geological and geophysical analysis in the study area, which is located between Karadagh and Hamamdagh. It covers approximately 850 square kilometres and lies in shallow waters, with water depths up to 30 metres. The agreement will give an opportunity to deepen knowledge about the subsurface in highly prolific areas of the Caspian Sea.
“We are pleased to have such an experienced partner as SOCAR by our side and we are looking forward to continue working with the company,'' said Dr. Hans-Hermann Ecke, Senior Vice President of New Ventures