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06.06.2012 19:38

RWE is working to sign a PSA contract

Frank Meyer, External Communications Manager at RWE Dea AG

To begin with . one of the five largests energy companies in Europe. Its subsidiary, i.e. RWE Dea AG is directly engaged in the exploration and production of oil and gas. For us, the Caspian basin is one of the key regions. This explains our involvement with the Caspian Oil & Gas exhibition, for the fifth time now. The beginning of our involvement with the show coincided with the year of our incorporation and the opening of our Baku branch.

In 2010 RWE Dea AG signed a Memorandum of Understanding with the State Oil Company of Azerbaijan Republic (SOCAR) to negotiate the prospective offshore field Nakhchivan. Negotiations are ongoing now and we hope that in the near future we will sign a contract under Production Sharing Agreement (PSA).

Our main aim is to conclude a PSA contract but, in parallel with our co-operation with SOCAR, we would like to participate in other joint projects as well.

During his VIP tour the president Ilham Aliyev stopped at our stand and talked with, Dr. Hans-Hermann Ecke, Senior Vice President New Ventures, who informed the head of state about RWE Dea's activities and plans.

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