Risk Service Agreement Azerbaijan

Abdullayev hinted at the signing of the agreement in May 2018, when he said the treaties „will gain in importance, contribute to the stability of oil production and the growing demand for natural gas in Azerbaijan.“ Nobel Upstream, an independent oil and gas company based in the United Kingdom, specialized in exploration and production, and the State Oil Company of the Republic of Azerbaijan (SOCAR) have concluded a contract for the exploration and exploitation of one of the largest gas condensate deposits in Azerbaijan: the Umid Babek field, located in the Caspian Sea area, under the jurisdiction of the Republic of Azerbaijan. The Risk Service Agreement (RSA), concluded by the two companies, regulates all activities in this massive field of hydrocarbons and promises stability and growth for the region`s gas supply. „The agreements signed today are a natural next step in the region.