RWE Dea has signed a Joint Study Agreement with the State Oil Company of the Azerbaijan Republic (SOCAR). Both companies will evaluate the hydrocarbon prospectivity in an area south of Baku in the Caspian Sea in close cooperation.
The Joint Study Agreement was signed between SOCAR and RWE Dea regarding the joint evaluation of an area of interest south of the Absheron peninsula in Azerbaijan. The study area belongs to the South Caspian Basin where several world class oil and gas discoveries were made over the last decades.
Objective of the study is the geological and geophysical evaluation in order to identify further exploration opportunities. The study area is located between Karadag and Hamamdag. It covers approx. 850 square kilometres and lies in shallow waters, with water depths from 0 to 30 metres.
“The agreement gives us the opportunity to deepen our knowledge about the subsurface in a highly prolific area of the Caspian Sea,” said Dr. Hans-Hermann Ecke, Senior Vice President New Ventures RWE Dea AG. “We are pleased to have such an experienced partner as SOCAR by our side and we are looking forward to continue working with them,” Ecke added.
The region around the Caspian Sea will play an important role in future to secure the European energy supply and is also of strategic interest for RWE Dea. With the agreement, RWE Dea expands its activities in the Caspian region, where the company is active since 1995.