DeGolyer and MacNaughton starts counting Caspian deposits according to new classification

Oil&Gas Materials 28 August 2023 13:15 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, August 28. Within the framework of cooperation between SOCAR and "DeGolyer and MacNaughton", work on counting 27 fields according to SPE-PRMS classification in the Azerbaijani sector of the Caspian Sea has started, Trend reports.

According to the State Oil Company of Azerbaijan Republic (SOCAR), a meeting was held between SOCAR President Rovshan Najaf and Chairman and CEO of DeGolyer and MacNaughton John W. Wallace.

During the meeting, satisfaction was expressed with the cooperation on the calculation of hydrocarbon resources of strategic fields in accordance with international standards by DeGolyer and MacNaughton, as well as the modeling of fields, which has been ongoing since 2017.

The meeting discussed SOCAR's strategic goals and objectives; it was stated that further increasing efficiency and ensuring optimization are the main directions of the company's long-term corporate strategy, steps taken towards production optimization, and other issues of mutual interest.

Earlier in 2017, the Azerbaijani state-owned company SOCAR and DeGolyer and MacNaughton, an American consulting company specializing in the oil and gas sector, signed a cooperation agreement.

The agreement provides for analysis and technical support to improve the efficiency of field development and production at SOCAR's oil and gas fields.

According to the signed document, DeGolyer and MacNaughton will provide services for the productive management of oil and gas facilities at SOCAR's existing and long-used fields.