SOCAR, Chinese BGP establish JV (PHOTO) (UPDATE)
Details added (first version posted at 18:40)
Baku, Azerbaijan, Oct. 2
Azerbaijan's state oil company SOCAR and the Chinese company BGP Inc, which is a subsidiary of the China National Petroleum Corporation (CNPC), signed an agreement on the establishment of a joint venture, SOCAR said on Oct. 2.
The document was signed by SOCAR President Rovnag Abdullayev and BGP President Gou Liang.
The joint venture will carry out seismic exploration in Azerbaijan and the Caspian Sea.
"Presently, SOCAR, along with the modern technologies, also applies alternative methods for exploring new deposits and stabilizing production. The joint venture will bring in a new perspective and will become a good guarantee for a mutually beneficial exchange of experience between Azerbaijani and Chinese specialists," Abdullayev said.
BGP Inc. is in 100 percent ownership of CNPC. The main scope of the company's activities is exploration on land, in intermediate zones and at sea, including obtaining, processing and interpreting seismic data, manufacturing seismic equipment, and related services in information and communication technologies.