SOCAR-AQS and Halliburton Company (NYSE: HAL) introduced the businesses have signed a Memorandum of Understanding (MOU) to type a brand new three way partnership to offer a broad suite of oilfield services in Azerbaijan.
“Combining our unrivalled data, expertise and infrastructure in Azerbaijan with Halliburton’s energy as a world chief in oilfield companies, creates a strategic platform for our companies to work collectively and develop operations in Azerbaijan,” mentioned Ramin Isayev, CEO of SOCAR-AQS.
“By aligning with SOCAR-AQS, we imagine the deliberate three way partnership will probably be uniquely positioned to carry world-class choices to fulfill the area’s rising calls for in oilfield services,” mentioned Ahmed Kenawi, senior vp of the Halliburton Europe, Eurasia & Sub-Saharan Africa Region. “Additionally, our collaboration helps the nation’s technique of localizing high-end technological companies.”
The three way partnership will probably be based mostly in Baku, Azerbaijan, and can focus its enterprise improvement and operations each on onshore and offshore Azerbaijan.
AQS and Halliburton anticipate to finalize the three way partnership and start operations within the second quarter of 2020 topic to the settlement and finalization of phrases and circumstances.
SOCAR AQS LLC was established as an built-in drilling and nicely companies administration firm between the State Oil Company of Azerbaijan Republic and Absheron Drilling Company in 2007. The fundamental scope of actions of the corporate is provision of labor and companies associated to drilling of oil and fuel wells. The firm additionally gives trade particular provide chain administration, warehouse administration and different associated companies.
Currently, SOCAR AQS executes oil and fuel drilling with 6 rigs on 5 platforms in four offshore oil and fuel fields within the Caspian, together with Shallow Water Gunashli, West Absheron and Bulla- Deniz.
(Source: Halliburton – Image: SOCR tower in Baku, Azerbaijan)

The submit HALLIBURTON AND SOCAR TO FORM A JOINT VENTURE IN AZERBAIJAN appeared first on Energy Global News.

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