Petronas to take part in developing Caspian shelf structure in Azerbaijan - SOCAR

State Oil Company of the Azerbaijani Republic (SOCAR) plans to have Malaysian Petronas take part in developing the Goshadash structure in the Caspian Sea, SOCAR First Vice-President Khoshbakht Yusifzade told journalists on Monday.


SOCAR plans to sign an agreement with Petronas to conduct research at one of the structures in Azerbaijan's Caspian sector in the near future, he said.


"This concerns research at territories located in North Absheron and includes the Goshadash structure and surrounding territory. If we manage, the agreement will be signed in the course of September," he said.


Under the agreement, Petronas will perform all research, including seismic surveying, at its own expense. "If the results are positive, then negotiations may begin with this company on concluding a development contract," Yusifzade said.


Petronas is currently a participant in the Shah Deniz project with a 15.5% interest.


Goshadash is located 15 kilometers off the Absheron Peninsula in waters 10-50 meters deep.

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