SOCAR and the Malaysian company Petronas signed a memorandum of understanding on the exploration, development and production of hydrocarbons on a block that is part of a potentially promising structure Goshadash in the Azerbaijani sector of the Caspian Sea. This was said by SOCAR.
Under the terms of the memorandum the companies should within six months agree on the basic commercial principles and conditions of the PSA contract for the project.
The structure Goshadash is located in the north-western part of the Absheron archipelago, 15 kilometers from the shore, at a distance of 35-40 kilometers from Baku. The water depth is 10-50 meters.
Petronas in Azerbaijan owns 15.5 percent stake in the gas field development project Shah Deniz and in the South Caucasus gas pipeline.