TODAY.AZ / Business

SOCAR, Target Petroleum, Firstdrill establish JV

11 July 2006 [15:14] - TODAY.AZ
Azeri state oil company, Canada's Target Petroleum and Scotland's Firstdrill Ltd. have signed an agreement to set up the joint drilling venture Azeri Drilling Company, Firstdrill said in a press release.

The joint venture is being established to implement drilling work at fields in Azerbaijan developed by SOCAR. The necessary equipment is now being acquired, the release says. The companies plan to start drilling 12 wells with platforms at the March 8 and Bulla fields in the first phase, the release read.

SOCAR owns 35 percent of the company, Target Petroleum has 25 percent and Firstdrill Ltd. owns 40 percent.



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