SOCAR AQS, Halliburton to create joint venture

11 February 2020 10:09 (UTC+04:00)

By Rasana Gasimova

Azerbaijani SOCAR AQS LLC and American Halliburton have agreed to establish a joint venture to provide a broad suite of oilfield products and services in Azerbaijan, SOCAR AQS reported.

It was noted that the joint venture will be based in Baku, and will focus its business development and operations both on onshore and offshore Azerbaijan.

SOCAR AQS and Halliburton expect to finalize the joint venture and begin operations in the second quarter of 2020 subject to the agreement and finalization of terms and conditions.

“Combining our unrivalled knowledge, experience and infrastructure in Azerbaijan with Halliburton’s strength as a global leader in oilfield services, creates a strategic platform for our businesses to work together and grow operations in Azerbaijan,” said CEO of SOCAR AQS Ramin Isayev.

Ahmed Kenawi, Halliburton's senior vice president for Europe, Eurasia, and sub-Saharan Africa, noted that cooperation supports the country's strategy to localize high-quality technology services.

“By aligning with SOCAR AQS, we believe the planned joint venture will be uniquely positioned to bring world-class offerings to meet the region’s growing demands in oilfield products and services,” he noted.

SOCAR-AQS LLC was established in 2007 between SOCAR and Absheron Drilling Company to provide drilling and well services. The shareholders are SOCAR, Nobel Oil Services and Absheron Qazma.

Currently, SOCAR AQS conducts drilling operations in four oil and gas fields in the Caspian Sea, including six drilling rigs on five platforms available in the Gunashli, Umid, Bulla and Western Absheron fields.

The company successfully implements drilling works in Turkey in the frame of Expansion of Tuz Golu underground gas storage project, as well as implements the activities under the relevant agreements, expanding its geography in Ukraine and Bangladesh.

SOCAR AQS is a member of International Association of Drilling Contractors (IADC) since 2009. It has been awarded a Certificate of Integrated Drilling and Wells Services API Spec Q2 - Quality Management System. The company is the first and only enterprise in the region to receive API Spec Q2 certification. In November 2018, SOCAR AQS joined the UN Global Compact.

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