JOGMEC and SOCAR signed Joint Study Agreement for the Evaluation of the Oil and Gas Potential in Azerbaijan
Japan Oil, Gas and Metals National Corporation (JOGMEC) and the State Oil Company of the Azerbaijan Republic (SOCAR) signed the Joint Study Agreement for the evaluation of the oil and gas potential in onshore Azerbaijan, in Baku, on October 24, 2019.
Based on this Agreement, JOGMEC and SOCAR will jointly conduct geological and geophysical survey for the evaluation of hydrocarbon potential in onshore Azerbaijan. This survey will be carried out as part of the cooperation activities in accordance with the Memorandum of Cooperation agreed by JOGMEC and SOCAR on May 30, 2018.
JOGMEC and its predecessor, Japan National Oil Corporation, have financially supported the Azeri-Chirag-Gunashli (ACG) oil fields development and the construction of Baku-Tbilisi-Ceyhan (BTC) pipeline through Japanese companies with interests to both projects.
JOGMEC will encourage Japanese companies to enter into the oil and gas upstream business in Azerbaijan with the promising survey results which would contribute to the further development of oil and gas in Azerbaijan Republic.
JOGMEC is continuously seeking hydrocarbon potential and new business opportunities for Japanese companies through this kind of geological and geophysical surveys abroad in order to secure the stable supply of energy to Japan.
Exchange of Agreement in Baku (right) Mr. Huseynov, Vice-president of SOCAR (left) Mr. Yokoi, Executive Vice President of JOGMEC
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