Statoil (Norway) and the Department of Geology and Geophysics of the State Oil Company of the Azerbaijan Republic (SOCAR) are exploring the north-western area of the Absheron Peninsula, 1news.az cites Josep Bernaus Sobrevals, Chief Coordinator of Statoil geological exploration.
SOCAR Vice President Khoshbakht Yusifzade said that oil discoveries in the area would have great significance for Azerbaijan.
Statoil and the SOCAR signed a deal in 2012, according to which the Norwegian company will re-evaluate the geological and geophysical data.
