By Trend

Azerbaijan’s state oil company SOCAR and the US-based consulting firm DeGolyer and MacNaughton, focused on the petroleum industry, signed a cooperation agreement, SOCAR said in a message Nov. 3.

The contract was signed in Baku following a meeting of SOCAR President Rovnag Abdullayev and President of DeGolyer and MacNaughton John Wallace.

The agreement envisages analysis and technical support to improve the efficiency of field development and production at SOCAR’s oil and gas fields. The document was signed by Rovnag Abdullayev and Senior Vice President of DeGolyer and MacNaughton Martin Wiewiorowski.

According to the signed document, DeGolyer and MacNaughton will provide services on effective management of oil and gas facilities at SOCAR’s fields that had been used for a long time.

For this purpose, DeGolyer and MacNaughton will review the plans on development of 20 fields, prepare recommendations for increasing production and oil recovery rate, reducing costs of oil production, defining short-term strategic goals, and will participate in their implementation.