Ilham Aliyev approves contract on development of Umid, Babek fields
Azerbaijan’s President Ilham Aliyev has approved a law ratifying the risk-service contract on exploration and development of an offshore block which includes th
The contract was signed between Azerbaijan’s state oil company SOCAR and SOCAR Umid Oil and Gas Ltd., Trend reports.
The approved law also ratifies an additional contract, attached to the mentioned risk-service contract, on conducting oil and gas operations to explore and develop the sea block that includes the Umid field and the promising Babek structure, signed between SOCAR Umid Oil and Gas Ltd and Umid-Babek Exploration & Production.
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