Petronas in production MoU with Azerbaijan’s Socar

If Shamsul

PETALING JAYA: National oil company Petroliam Nasional Bhd (Petronas) and Azerbaijan’s state oil company Socar have signed a memorandum of understanding (MoU) for the exploration, development and production of hydrocarbons at a block in the prospective offshore structure Goshadash in the Caspian Sea.

Based on reports, under the MoU, Petronas and Socar will produce within six months a draft on the main commercial principles and terms of the production-sharing agreement on the Goshadash block.