Azerbaijan’s SOCAR in Talks to Develop Oil Field in Russia

Azerbaijan’s state oil company SOCAR is in talks with Russia’s Rosneft, Gazprom and Novatek over the development of an oil field in Russia, SOCAR Vice President Elshad Nasirov told reporters Nov. 1 in Minsk, Reuters reported.

Nasirov also said that SOCAR had proposed extending its gas contract with Gazprom to 2020.

It is envisaged that the volumes of purchases will be defined on the basis of commercial interests and won’t exceed one billion cubic meters per year.

The previous contract was signed in 2017 and expires at the end of 2018.