Norway's Statoil ASA (STO) and Azerbaijan's state energy firm SOCAR signed a deal Monday on exploring and developing a new offshore area in the Caspian Sea.
Norway
's
Statoil ASA (STO) and
Azerbaijan
's
state energy firm SOCAR signed a deal Monday on exploring and developing a new
offshore area in the
Caspian Sea
.
The memorandum of understanding, signed in
Baku
by
the companies' chief executives, sets the framework for exploring
opportunities, conducting negotiations and agreeing key commercial terms in the
next 12 months, the two companies said in a joint statement.
The two blocks in the agreement--Zafar and Mashal--are estimated to hold around
140 million metric tons of oil.
Statoil is already a partner in
Azerbaijan
's
giant Shah Deniz field and the Azeri-Chirag-Guneshli field in the Caspian.
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