Statoil (STO) reportedly is in talks with Azerbaijan’s state oil company Socar to take a major...

|About: Statoil ASA (STO)|By:, SA News Editor

Statoil (STO) reportedly is in talks with Azerbaijan’s state oil company Socar to take a major role in developing a cluster of fields centered on the Umid gas discovery, based on a similar model to the BP-operated Azer-Chirag-Gunashli project in which STO is a partner. Umid may be similar in size to ACG, one of the world’s largest oil and gas fields with remaining recoverable reserves of up to 6B barrels.