By Abdul Kerimkhanov
Azerbaijani and Kazakh oil giants have agreed on conducting joint geological exploration.
State-owned companies of Azerbaijan and Kazakhstan – SOCAR and KazMunayGas – plan to conduct joint exploration work, Kurmangazy Iskaziyev, Deputy Chairman of the Management Board for Exploration, Production and Oilfield Services at KazMunayGas, told reporters.
He mentioned that first, the two companies will conduct a study, and then they will select the areas where they will work together and carry out geological exploration.
SOCAR and KazMunayGas signed a memorandum of cooperation in January 2019, on the basis of which joint geological exploration will be carried out. The heads of both companies, namely SOCAR’s Rovnag Abdullayev and KazMunayGas’ Alik Aydarbayev, signed the memorandum in Baku.
Within the framework of the memorandum, the parties will study the materials to determine the possibilities for geological and geophysical exploration, study the possibilities of cooperation in the fields of transportation, trade and geological works in the Caspian Sea, etc.
Established in 1992, SOCAR aims at managing Azerbaijan's oil resources on the basis of a single state policy, improving the management structure of the oil industry and ensuring the development of fuel and energy complex.
The state oil company SOCAR is one of the world's 50 largest oil companies. Its mission is to ensure the energy security of the country.
Three production divisions, one oil refinery and one gas processing plant, a deep water platform fabrication yard, two trusts, one institution, and 23 subdivisions operate as corporate entities under SOCAR. The company has a significant position in a number of regional and international energy projects.
Currently, SOCAR is the only producer of oil products in the country, and also operates more than 370 filling stations in Switzerland, Georgia, Romania and Ukraine.
KazMunayGas is Kazakh national operator for exploration, production, refining and transportation of hydrocarbons, representing the state in Kazakhstan's petroleum sector.
Kazakhstan ranks 12th worldwide among the holders of proven oil and gas condensate reserves, 22th - in terms of natural gas reserves, and 17th for oil and gas production.
KazMunayGas accounts for 28 percent of the total crude oil and gas condensate production volume in Kazakhstan and 16 percent of natural and associated gas production.
Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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