Azeri oil company Socar has signed a memorandum of understanding with Malaysian oil and gas firm Petronas to jointly work on an offshore project in the Caspian Sea.
Under the memorandum of understanding, the two companies will collaborate on exploration and eventually development and production from the Goshadash prospect in the Azeri section of the Caspian Sea.
The MoU gives the companies six months to agree the terms and conditions of the production sharing contract for the project located offshore the Absheron peninsula.
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