By  Trend

Azerbaijan’s Caspian Drilling Company Ltd and Kazakhstan’s KMG Drilling & Services have signed an agreement on trust management of a self-elevating floating drilling rig (SEFDR), Trend reports with reference to KazMunayGas Feb. 16.

The contract was signed Feb. 16 as part of a meeting by Chairman of the Board of National Company KazMunayGaz JSC Alik Aydarbayev with President of Azerbaijan’s state oil company SOCAR Rovnag Abdullayev in Astana.

The contract provides for the operation of the SEFDR on projects implemented by the Azerbaijani side.

In particular, the rig will be used on the Absheron structure, which is being developed by BP. As part of cooperation, the rig will be modernized, and this will ensure safe and efficient drilling of exploration wells with a depth of over 6,000 meters.

In January, heads of SOCAR and KazMunayGas signed a memorandum of understanding that envisages a wide range of potential cooperation between the companies, including possible cooperation in geological exploration in the Caspian Sea, joint exploration of geological and geophysical materials on the exploration of hydrocarbon crude as well as transport and trading.