SOCAR, McDermott set up alliance
BAKU – Azerbaijani state energy firm SOCAR and a McDermott International Inc. subsidiary on Wednesday signed an agreement to establish a strategic alliance on large-scale pipe-lay and diving operations in the Caspian region, SOCAR said.
Under the contract, signed with McDermott Caspian Contractors Inc. (MCCI), the new alliance will be involved in operations as part of developing the BP-operated Azeri-Chirag-Gunashli oil field in the Caspian Sea.
The agreement was signed by SOCAR President Rovnag Abdullayev and McDermott International Inc. Senior Vice President John McCormack.
Abdullayev said the contract will pave the way for a new level in the development of effective bilateral cooperation in implementing large-scale projects on the Caspian.
McDermott has operated in the Caspian region for 20 years. It is a leading company in operating energy projects as well as engineering and construction of pipelines and sub-sea facilities.
ACG shareholders are: BP (37.4%), Chevron (11.3%), SOCAR (10%), INPEX (11%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.7%), ITOCHU (4.3%) and Hess (2.7%).
BP produced 40.6 million tons (300.4 million barrels) of oil from the ACG fields in 2010.
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