Azerbaijan, Baku, 17 January /corr. Trend S.Aliyev / The State Oil Company of Azerbaijan (SOCAR) and Timan Oil& Gas PLS reached to an initial agreement on the modernization of the self-lifting rig -Khazar, which Timan intends to use for drilling in the Caspian Sea, a source stated in SOCAR on 17 January.
The representatives of Timan Oil would assess the equipment, which will be assembled to the rig in Baku. After this, a contract will be signed for its usage, the same source stated.
The SOCAR will supply the rig to the company Geotermneftgaz, with 80% belonging to Timan Oil and Gas, for drilling in the block No.2, which is located in the Russian section of the Caspian Sea in the Izerbash contract area.
Timan Oil and Gas PLS is an independent oil and gas exploration and production company, possessing assets in the Timan-Pechora region of the Caspian basin.