SOCAR and Statoil sign memorandum on Zafar and Mashal

SOCAR and Norway's Statoil signed a memorandum of understanding on April 8 in Baku on the «Zafar» and «Mashal» deposits in the Azerbaijani sector of the Caspian Sea.

When the first contract for these fields was signed in 1999, SOCAR owned a 50% stake in the deal, while U.S. company ExxonMobil had 30 %. In 2000, the remaining 20% stake was acquired by the American company Conoco Phillips.

The contract was cancelled due to an unprofitable amount of hydrocarbons.

Adapted from Vestnik Kavkaza