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.
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