Germany-based oil and gas firm RWE Dea has signed a joint study agreement with the State Oil Company of the Azerbaijan Republic (SOCAR) to evaluate the hydrocarbon prospectivity in an area south of Baku in the Caspian Sea.
The main objective of the agreement is to identify further exploration opportunities in the study area, which is located between Karadag and Hamamdag.
The area covers approximately 850km² and lies in shallow waters, with water depths from 0m to 30m.
RWE Dea senior vice-president of new ventures Hans-Hermann Ecke said: "The agreement gives us the opportunity to deepen our knowledge about the subsurface in an highly prolific area of the Caspian Sea.
"We are pleased to have such an experienced partner as SOCAR by our side and we are looking forward to continuing to work with them."
RWE Dea said the region around the Caspian Sea will play an important role in future to secure the European energy supply and is also of strategic interest for the company.
The agreement expands RWE Dea’s activities in the Caspian region, where the company has been operating since 1995.
RWE Dea is engaged in the exploration and production of natural gas and crude oil.
The company has interests in production facilities and concessions in Germany, the UK, Norway, Denmark, Egypt and Algeria.
RWE Dea also owns exploration licenses in Guyana, Ireland, Libya, Mauritania, Poland, Suriname, Trinidad and Tobago, and Turkmenistan.
Image: RWE Dea headquarters in Hamburg. Photo: courtesy of RWE Dea.