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Equinor to invest in renewables projects in Azerbaijan

Azeri oil company SOCAR President Rovnag Abdullayev met a delegation led by Al Cook, Executive Vice President for Development and Production International of Norwegian energy company Equinor, to focus on the development of the Karabakh field and the exploration of prospective structures, carried out jointly by SOCAR and Equinor on equal sharing basis.

The participants discussed the results of preliminary exploration work on Dan Ulduzu-Ashrafi-Aypara prospects, launched in the second half of 2018, and possible scenarios for the next steps. Preliminary results of interpretation demonstrated that oil and gas reserves in these prospects are higher than previously expected. Exploration drilling may be carried out in the future to prove the reserves.

The encouraging results from the new prospects could necessitate the reconsideration of the development plan of the Karabakh field. In the coming weeks, a joint working group of SOCAR and Equinor shall consider various options for the continuation of the Karabakh project and explore opportunities for synergy between the development of the Karabakh field and prospective new fields.

In addition to cooperation with Equinor in the oil and gas sectors, the implementation of joint projects that will give an impetus to the development of the renewable energy sector was also discussed at a meeting between Mr Cook and the Minister of Energy Parviz Shahbazov.

Speaking about the expansion of the use of renewable energy in our country and the work already done to promote investment in this direction and the implemented projects, the Minister noted that cooperation with international companies in the field of green energy is of great importance. When it comes to Equinor’s investments in the field of renewables, the two parties referred to solar and wind energy in particular, pointing out that the Norwegian company has extensive practice in this field. 

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