SOCAR-AQS, KCA Deutag establish joint venture

By Azernews

By Sara Israfilbayova

SOCAR-AQS and the British company KCA Deutag established a joint venture, called Turan Engineering-Drilling Company.

Speaking at the event, SOCAR-AQS CEO Ramin Isayev noted that the company began drilling operations in 2008, and achieved many accomplishments.

“The joint venture will become an Azerbaijani enterprise combining the experience of SOCAR-AQS and KCA Deutag, and operating in full compliance with all advanced international standards. This enterprise, which will offer customers the most advanced drilling and engineering services, will play very important role in the development of local and regional drilling industry,” Isayev noted.

CEO of KCA Deutag Norri Makkey said that the joint venture will create new opportunities, adding that this joint venture will explore business opportunities also outside of Azerbaijan, in the Caspian regions.

First Vice President of SOCAR Khoshbakht Yusifzadeh, in turn, wished success to the newly created joint venture, expressed confidence that with the help of both companies the work will be even more successful.

SOCAR-AQS LLC was established in 2007 as an integrated drilling and well services management company between the State Oil Company of Azerbaijan Republic (SOCAR) and Absheron Drilling Company (AQS) in 2007.

Currently, SOCAR-AQS implements works on drilling the wells from fixed platforms 7 and 11 located on Shallow Water Gunashli Field, fixed platform 20 on the West Absheron fixed platform 1 located on Umid Field and from fixed platform 6 located on the Bulla Field.

SOCAR is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea.

The company includes three production associations, one oil refining and gas processing enterprise, an oil flotilla, a deep-water base plant, two trusts, one institute, and 23 structures.

SOCAR established joint companies (including Georgia and Turkey), alliances, operating in various sectors of oil and gas spheres. It has representative offices in Georgia, the U.S., Turkey, Romania, Austria, Switzerland, Kazakhstan, Great Britain, Iran, Germany, Ukraine, Belgium and Canada.