TODAY.AZ / Business

SOCAR, Naftogaz ink MoU on onshore, offshore technologies development

21 October 2021 [15:15] - TODAY.AZ

By Azernews

By Ayya Lmahamad

Azerbaijan’s SOCAR AQS and Ukraine’s Naftogaz have signed a memorandum of understanding on joint cooperation for the development of onshore and offshore technologies.

At the same time, Naftogaz signed memorandums of understanding with the United Arab Emirates’ Dragon Oil and the U.S. based Helmerich & Payne Inc., as well as 3 Seas Energy.

The memorandums provide a basis for partnerships, which are planned in the new strategic projects, including the development for the Black Sea areas and tight gas deposits, as well as increasing the production efficiency at the depleted fields.

The company noted that cooperation with SOCAR can technologically enhance the development of the Black Sea areas.

“The partner has extensive experience in drilling on the Caspian Sea shelf and its drilling fleet for operations at sea. SOCAR AQS also has the expertise and technical capabilities to drill in complex onshore areas. This may be useful in the case of upscaling of the projects focused on the development of tight gas, part of Naftogaz’s portfolio,” Naftogaz reported.

SOCAR AQS CEO Samir Mollayev also stated that such cooperation opens up new opportunities for business relations and joint assessment of hydrocarbon exploration and production prospects in Ukraine.

“It opens up the new opportunities for experience, knowledge, and production prospects in Ukraine, experience, knowledge and technologies exchange, as well as for expanding business between Azerbaijan and Ukraine,” he added.

Azerbaijan’s SOCAR AQS and Ukraine’s Naftogaz have signed a memorandum of understanding on joint cooperation for the development of onshore and offshore technologies.

At the same time, Naftogaz signed memorandums of understanding with the United Arab Emirates’ Dragon Oil and the U.S. based Helmerich & Payne Inc., as well as 3 Seas Energy.

The memorandums provide a basis for partnerships, which are planned in the new strategic projects, including the development for the Black Sea areas and tight gas deposits, as well as increasing the production efficiency at the depleted fields.

The company noted that cooperation with SOCAR can technologically enhance the development of the Black Sea areas.

“The partner has extensive experience in drilling on the Caspian Sea shelf and its drilling fleet for operations at sea. SOCAR AQS also has the expertise and technical capabilities to drill in complex onshore areas. This may be useful in the case of upscaling of the projects focused on the development of tight gas, part of Naftogaz’s portfolio,” Naftogaz reported.

SOCAR AQS CEO Samir Mollayev also stated that such cooperation opens up new opportunities for business relations and joint assessment of hydrocarbon exploration and production prospects in Ukraine.

“It opens up the new opportunities for experience, knowledge, and production prospects in Ukraine, experience, knowledge and technologies exchange, as well as for expanding business between Azerbaijan and Ukraine,” he added.

URL: http://www.today.az/news/business/211210.html

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