Azerbaijan, Baku / Trend / Timan Oil and Gas PLC highlighted that initial talks with the State Oil Company of Azerbaijan (SOCAR) with regards to leasing the self-lifting rig Khazar, were complete, according to a company statement.
The document says that SOCAR confirmed its decision to supply the rig to the company Geotermneftgaz, with 80% belonging to Timan Oil and Gas..
The company needs the rig for exploration drilling in block No.2 which is located in the Russian sector of Caspian in the contract area Izerbash.
"Considering the high demand for rigs in the Caspian region, SOCAR's proposal is a significant strategic advantage for us in implementing our offshore exploration program," said the Head of Timan Oil and Gas PLC, Alexander Kapalin.