Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Statoil, Socar Agree on Development of Caspian Block, Trend Says

Don't Miss Out —
Follow us on:

April 4 (Bloomberg) -- State Oil Co. of Azerbaijan, or Socar, and Statoil ASA will sign a contract for the joint development of the Zafar-Mashal block in Azerbaijan’s section of the Caspian Sea on April 8, Trend said today, citing an unidentified person.

The news service based in Baku, the Azeri capital, gave no details on the terms of the agreement.

Zafar-Mashal, a deepwater block located about 75 miles (110 kilometers) southeast of Baku, is estimated by Socar to contain 300 billion cubic meters of natural gas and 37 million metric tons of condensate, or light oil, Trend said.

Socar signed a production-sharing agreement with Exxon Mobil Corp. and ConocoPhillips for Zafar-Mashal in 1999, though the project was abandoned after the partners didn’t find commercial quantities.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.