On March 16, SOCAR President Rovnag Abdullayev met a delegation led by Al Cook, Executive Vice President for Development and Production International of Equinor. The meeting focused on the development of 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 and possible scenarios for next steps. The Exploration of Dan Ulduzu - Ashrafi - Aypara was launched in the second half of 2018, 2D and 3D seismic exploration was completed in 2019. The results were processed in 2020, and their interpretation is currently underway. 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 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 Karabakh project and explore opportunities for synergy between the development of Karabakh field and prospective new fields.

In the meeting, the importance of Azerbaijan for Equinor was emphasized and the intention to grow in this country was expressed. The parties aim to reach the highest levels of production on the jointly exploited fields during this decade, when oil and gas prices are expected to peak. From this viewpoint, it is important to accelerate the exploration and drilling on these structures.

Equinor and SOCAR are cooperating in Azerbaijan on the development of the Karabakh field and on the exploration and production at the prospects Ashrafi-Dan Ulduzu-Aypara. Both companies participate in the Azeri-Chirag-Deepwater Gunashli (ACG) oil field development project. In May 2018, SOCAR Karabakh and Equinor signed a Risk Service Agreement for the development of the Karabakh oil field in the Azerbaijani sector of the Caspian Sea.

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