Gulf Oil and Gas accountACCOUNT

Nobel Upstream Completes Risk Service Agreement with SOCAR on the Umid-Babek Field

Source: www.gulfoilandgas.com 3/27/2018, Location: Asia

Nobel Upstream, an independent UK-based oil and gas exploration and production company has announced that it has entered into a Risk Service Agreement, and other necessary implementing agreements, with the State Oil Company of the Azerbaijan Republic (SOCAR) governing the exploration, appraisal and development of the giant scale Umid-Babek gas condensate field located in the Azerbaijan sector of the Caspian Sea.

The Risk Service Agreement, or RSA, was ratified by the Azerbaijan Milli Mejlis (parliament) and signed into law by the President of the Azerbaijan Republic on 2 May 2017. The RSA is an innovative structure and Azerbaijan’s first RSA in which SOCAR will play the key role. Most notably, the RSA retains the essential legal and commercial features of the successful production sharing agreements (PSA) entered into by major international oil companies, including the BP-operated ACG and Shah Deniz projects and the Total-operated Absheron development. Azerbaijan PSAs have served as models of stability and have ensured the protection of all shareholder rights while also providing robust financial returns to all stakeholders.

Nobel Upstream and SOCAR have established the Umid, Babek Exploration and Production company, which will serve as the contractor under the RSA. Nobel Upstream holds a twenty per cent (20%) interest in the company.

Larry Bates, CEO of Nobel Upstream commented: “We are pleased to have achieved this milestone together with our partner SOCAR and look forward to continuing the appraisal and development of the world-class Umid-Babek field, which will provide a stable and long-term gas supply for Azerbaijan and other European markets.”

Exploration News in Azerbaijan >>

Australia >>  10/10/2019 - Equinor has been awarded exploration acreage in the Northern Carnarvon Basin offshore Western Australia. The new exploration permit, WA-542-P, has be...
Brazil >>  10/3/2019 - The ANP published, in the Official Gazette, a list of 13 companies qualified for the 6th Production Sharing Round. They were qualified at a meeting of...

Russia >>  10/3/2019 - Oleg Aksyutin, Deputy Chairman of the Gazprom Management Committee, Head of Department, and Nikolai Buynov, Chairman of the Board of Directors of Irku...
East Timor >>  10/1/2019 - H.E.Taur Matan Ruak, The Prime Minister of the Democratic Republic of Timor-Leste will be announcing the Open Door Round of Timor-Leste, during a spec...

Russia >>  9/30/2019 - As part of its exploration campaign, Rosneft Oil Company has successfully completed the drilling of the first prospecting and appraisal well at the Vo...
Australia >>  9/19/2019 - Equinor provided the requested further information regarding the environment plan for their proposed exploration drilling activity in the Great Austra...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Azerbaijan Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |

Oil & Gas Projects in Azerbaijan >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.