SOCAR AQS, Naftogaz ink MoU for dev’t of onshore, offshore technologies

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Naftogaz of Ukraine NJSC and Azerbaijan’s SOCAR AQS have signed a memorandum of understanding on cooperation for development of onshore and offshore technologies, Trend report with reference to Naftogaz.

The company also inked agreements with Dragon Oil of UAE, U.S. based Helmerich & Payne, Inc. (“H&P”) as well as 3 Seas Energy.

These 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.

Cooperation with SOCAR AQS, an integrated drilling and well management company, can technologically enhance the development of the Black Sea areas. After all, 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.

“Such cooperation opens up the new opportunities for business relations and joint assessment of hydrocarbon exploration and production prospects in Ukraine, experience, knowledge, and technologies exchange, as well as for expanding business between Azerbaijan and Ukraine,” Samir Mollayev, CEO of SOCAR AQS added.