SOCAR and Statoil sign memorandum on Zafar and Mashal

SOCAR and Norway's Statoil signed a memorandum of understanding today in Baku on the "Zafar" and "Mashal" deposits in the Azerbaijani sector of the Caspian Sea.

When the first contract for these fields was signed in 1999, SOCAR owned a 50% stake in the deal, while U.S. company ExxonMobil had 30 %. In 2000, the remaining 20% stake was acquired by the American company Conoco Phillips.

The contract was cancelled due to an unprofitable amount of hydrocarbons.