RWE, SOCAR Sign Caspian Sea Deal

RWE Dea and the State Oil Company of the Azerbaijan Republic (SOCAR) signed a Joint Study Agreement for a joint evaluation of the hydrocarbon prospectivity in shallow waters in an area south of Baku in the Caspian Sea.

“The agreement gives us the opportunity to deepen our knowledge about the subsurface in an highly prolific area of the Caspian Sea,” Hans-Hermann Ecke, Senior Vice President New Ventures RWE Dea, said in a note released on Tuesday. 

According to RWE, the region around the Caspian Sea will play a pivotal role in granting European energy supply. 

The companies said that the study area is located between Karadag and Hamamdag, covering approximately 850 square kilometres.

Socar recently invested in the Shah Deniz Production Sharing Agreement and the South Caucasus Company, buying 6.67% of the shares from Norway’s Statoil.