On 20 December 2017, SOCAR and Statoil signed agreements on the exploration, development and production of fields and structures in the Caspian Sea and on commercial principles for the development of the offshore Karabakh oil field. In late 2017, the companies were preparing a feasibility study for the development of the Karabakh field. First production from the field is planned for 2021. In September 2017, company officials of SOCAR and Statoil started discussions on a joint development of the offshore Karabakh and Ashrafi fields and the Dan Ulduzu structure. In March 2017, local media reported that Statoil had presented results on an offshore study in the Caspian Sea, north-east of the Absheron Peninsula. Statoil refined reserves of the offshore Karabakh and Ashrafi fields and resources of the Dan Ulduzu structure, based on historical well and seismic data. The company also estimated resources of the offshore Aylara structure based on 3D seismic data. Azeri authorities were urging Statoil to continue negotiations and move on to an agreement with SOCAR. Both companies signed a Joint Study Agreement (JSA) on the Karabakh, Ashrafi and Dan-Ulduzu area in November 2014.
Socar and Statoil have signed agreements on joint E+P of fields and structures in the Caspian Sea and on commercial principles for the devt of the offshore Karabakh o/g/c field.