SOCAR is working on new agreements in the field of oil and gas exploration in Azerbaijan, said SOCAR Vice President Babek Huseynov during the session titled “Upstream Sector – New Horizons” at the Baku Energy Forum, APA-Economics reports.
According to him, the company is working to accelerate existing exploration opportunities in the country and develop priority projects in response to growing energy demand.
Huseynov said that SOCAR has recently reviewed its exploration portfolio, prioritized projects and taken steps to expand cooperation with potential investors.
“As a result of data rooms and presentations organized since last year, we are seeing investor interest. Several agreements were signed last year, negotiations on some projects are continuing, and we expect to achieve more results in the coming period,” he noted.
According to the SOCAR official, the company currently structures its exploration activities around 20 different projects grouped into three main categories.
He said these projects cover prospective structures located onshore, in the Middle Caspian and in the South Caspian.
Babek Huseynov stressed that SOCAR plans to implement some projects independently, while pursuing more complex and capital-intensive projects together with international partners.
“The main goal is to bring promising projects to a certain stage of development, reduce risks and then achieve their implementation together with partners,” he added.
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