The State Oil Company of Azerbaijan (SOCAR) and Britain's BP company have signed an agreement to conduct geological exploration work in the shallow part of the Absheron archipelago, Khoshbakht Yusifzadeh, the First Vice-President of SOCAR told reporters on June 5, Trend has said.
He pointed out that before, it was difficult to carry out work in these areas, but currently, modern equipment and machinery is used for these purposes.
"We have signed an agreement with BP to carry out work in this area and this will probably allow to discover small oil fields there," SOCAR's first vice-president stressed.
Yusifzadeh went on to add that SOCAR also intends to consider the proposals from companies on prospecting and exploration of onshore oil deposits in Azerbaijan.
Currently, special attention is paid to discovering oil fields in Azerbaijan, as the probability of discovering gas fields in the country is high.
"Therefore, we return to onshore [...] We want to resume oil exploration by using modern technologies and equipment," he stressed.
Copyright: Trend, 2014