The Zafar-Mashal structures are located about 100km offshore south of Azerbaijani capital Baku.
Under the MOU, the companies will together develop the structures in the Azerbaijan’s section of the sea.
The companies will also negotiate on major commercial aspects and terms of the agreement during the 12 months from the date of the MOU signed.
Statoil CEO Helge Lund said the company will work closely with SOCAR to develop the prospects in Caspian Sea.
"We look forward to sharing our knowledge and cooperating with our Azerbaijani partners to explore the potential of the Caspian Sea," Lund added.
