The company will sign a production-sharing agreement with Azerbaijan state-run oil company Socar, and possibly another partner, said RWE new ventures general manager Martin Wellens.
Socar said despite the expiry of a memorandum of understanding with RWE for Nakhchivan, signed in 2010, talks continue. Socar has presented a draft agreement to RWE.
“Socar said there is no rush to sign a contract as no drilling rig is available for exploration in Nakhchivan,” said sources.
The
