The State Oil Company of Azerbaijan (SOCAR) established joint venture with Siemens and Target Petroleum, which will be involved in a range of issues, covering the field facilities construction, as well as equipment and improvement of platforms, and onshore work improvement of gas compression economy, electricity supply, the SOCAR underlined. The JV can also be involved in work on increase of production from fields.
The company has wider opportunities, as its Charter includes many issues that is could be involved in, a source at the SOCAR said.
All activities linked with underground work will be implemented on the base of SOCAR's experience and use of the western technologies and finances of Target petroleum. Siemens is charged in the deliver and installation of equipment on the surface. Azneft Production Association of SOCAR will act as consumer.
The equipment will be installed on the new and existing platforms. The submission of orders is near the end.