SOCAR eyes oil, gas projects in Iran, on Russian shelf

State Oil Company of the Azerbaijani Republic (SOCAR) is considering participation in projects to develop oil and gas fields in Russia, Canada and Iran, a company representative told Interfax.

"Under the development strategy for 2015-2025, SOCAR plans to intensively participate in projects to hydrocarbon exploration and production abroad. In this connection, the company is studying the possibility of joint development of oil and gas fields on the Russian shelf," the representative said.

In addition, the company is studying the possibility of joint development of tight hydrocarbon reserves in Canada.

"In the new conditions following the lifting of international sanctions from Iran, we plan to take part in energy projects to develop oil and gas fields in Iran," the representative said.

Implementation of such projects is aimed at expanding and diversifying SOCAR activity in exploration and production of hydrocarbon resources.

SOCAR develops oil and gas fields, produces, refines and transports oil, gas and condensate, markets petroleum products and petrochemicals, on domestic and foreign markets, and also supplies natural gas to private sector enterprises in Azerbaijan. SOCAR includes three production subsidiaries, one oil refining and one gas processing plant, a deepwater drilling rig, two trust funds, and one R&D institute, among other subsidiaries, according to the company's website.

SOCAR has representative offices in Georgia, Turkey, Romania, Austria, Switzerland, Kazkhastan, the UK, Germany, Iran and Ukraine and is the co-owner of Petkim, a major Turkish petrochemical complex.

www.ann.az