Baker Hughes Co. & SOCAR sign memorandum of understanding (PHOTO)

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Baker Hughes Co. and Azerbaijan’s State Oil Company SOCAR signed a memorandum of understanding to develop and implement the concept of lean well execution as part of exploration and production operations, Trend reports from the Energy Forward conference organized by Baker Hughes.

The project aims to identify and exploit opportunities to increase productivity in new wells. The introduction of Baker Hughes advanced technological solutions using local resources and capabilities will contribute to the development of the entire oil and gas industry in Azerbaijan.

On Dec.10, for the first time, Azerbaijan hosts the Energy Forward conference organized by Baker Hughes, which is attended by technical experts from around the world, to discuss the main trends that significantly affect productivity, efficiency and safety in the oil and gas sector.

Energy Forward is a unique technology event that brings together more than 250 leaders and key partners from major oil and gas companies in the world to share best practices and results at the international level and identify opportunities in engineering, science and information, demonstrating digital transformation and innovation for the further development of the oil and gas sector in the Caspian region.

Baker Hughes is the third largest oil and gas service company in the world. The services the company provides includes drilling, reserves assessment, field development and much more.