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Azerbaijan’s State Oil Company, Equinor sign co-op agreement

Azerbaijan’s State Oil Company, Equinor sign co-op agreement

Economy
30 March 2020, 17:26 468
The State Oil Company of the Azerbaijan Republic SOCAR and Norwegian Equinor company signed an agreement on cooperation in the field of labor safety and environmental protection, Trend reports referring to SOCAR.
SOCAR President Rovnag Abdullayev received Head of the representative office of the Equinor company in Azerbaijan Fawad Quraishi on March 30. The issues arising from the plans for the development of the Karabakh field were discussed during the meeting.
"The views on the prospects for cooperation in new spheres, including those related to the industrial safety, were exchanged," SOCAR said.
The parties announced about the discovery of a new Karabakh field in Azerbaijan with 60 million tons of oil during a successful drilling operation on March 19, 2020.
During the meeting, a new cooperation agreement was signed between SOCAR and Equinor Absheron AS. The new agreement covers technical safety, fire protection, public health and environmental protection, transport safety and emergency rescue services in the projects that SOCAR and Equinor Absheron implement both independently and jointly.
The document was signed by Abdullayev and Quraishi. The parties agreed to exchange experience, procedures and relevant documents in the abovementioned areas, exchange practical knowledge to prevent possible accidents, minimize environmental impact, exchange statistics on incidents, as well as events of environmental importance.
The agreement also envisages the exchange of practice and a database on the application of international standards for technical safety and fire protection, flexible recapitalization of possible accidents, exchange of experience in the management of atmospheric waste, including greenhouse gases, the organization of meetings, seminars and consultations between the parties on the abovementioned issues.
Drilling of the first appraisal well at Karabakh oil field was launched on December 23, 2019. The well was drilled in water depth of 180 meters by the Dada Gorgud semi-submersible drilling rig operated by SOCAR’s Caspian Drilling Company (CDC). The discovered volumes of oil and gas are satisfactory for pursuing commercial development of the Karabakh field.
The preliminary estimated geological reserves of the field reach more than 60 million tons.