Azerbaijan’s state energy company SOCAR is looking for partners to jointly develop the Caspian natural gas field of Umid and the Babak structure, SOCAR President Rovnaq Abdullayev said.

SOCAR is waiting for proposals from 12 international companies, Abdullayev told reporters in the Azeri capital, Baku.

He said the Azeri state energy producer needs partners as it lacks money and technology to develop Umid and Babak on its own.

Umid, meaning “Hope” in Azeri, was discovered in 2010. It is estimated to contain 200 billion cubic meters of gas and 40 million tons of oil.

Babak's reserves can be twice as bigger, according to Socar.

Bakudaily.Az